Goldenberg Group has put up for sale 727-735 Chestnut St., a five-story parking garage that is viewed as more valuable as a potential development site.
The property totals 19,606 square feet and, in addition to the garage, has street-level retail space. It is bound by Chestnut, 8th and Ranstead streets, including corners at both 8th and Chestnut and 8th and Ranstead.
Goldenberg has had recently received unsolicited offers for the property and that led the company to reevaluate holding on to it.
“As a developer, it wasn’t our intention to sell, but we realize that we can’t develop every site that we own simultaneously,” said David Mercuris, senior vice president at Goldenberg. “In addition, values of well-located development sites in Center City are at an all-time high and we understand that. Consequently, we concluded that the timing is right to offer this for sale.”
Goldenberg, a Blue Bell real estate company that develops retail, multifamily and mixed-use development, bought the garage in 2013 for $7.8 million, according to Philadelphia property records. The property is zoned CMX-5, which allows for the densest development. A maximum of 392,120 square feet could get built on the site, which would have to go through an approval process before anything is built.
The property abuts Thomas Jefferson University’s campus and four blocks away from Jefferson Health’s $762 million, 19-story Specialty Care Pavilion at 11th and Chestnut streets that is under development. The project alone is expected to spur more development, retail and restaurant activity.
Chestnut Street east of Broad Street has seen more developer attention in recent years, providing momentum to a retail corridor that had been blighted and struggled.
After developing the Market Street side of its development — East Market — National Real Estate Development has turned its focus to the Chestnut Street side of what had been referred to as Girard Square, which is where Jefferson Health’s tower is under construction.
The garage that is up for sale sits across from an expansive surface parking lot that Goldenberg owns at 8th and Market streets and has floated various development ideas including what many know as the DisneyQuest entertainment complex. At one point, Goldenberg sought a casino license to kick off a new project at 8th and Market.
“It’s a once-in-a-generation site and we intend to develop it, so it’s not on the market for sale,” Mecuris said.
When that site might get developed or what will go there hasn’t been disclosed. The company is also working on a development plan for 500 S. Broad St. in Center City.
*Article courtesy of Philadelphia Business Journal
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