Two Walnut Street properties that are essentially next door to each other on the western edge of Center City are tied up by active builders of multifamily projects. 

Dranoff Properties has put under agreement 2201 Walnut St., which is currently a Sunoco gas station, and Trammell Crow Co. has 2301 Walnut St., which is a single-story building occupied by Rite Aid, in its crosshairs, according to multiple sources. 

That developers have zeroed in on the two parcels highlights how otherwise underutilized properties are being snapped up for new multifamily buildings and other projects. While surface parking lots have been the most common sites developed, single-story buildings such as the former Wendy’s at 11th and Walnut streets, and parking garages such as one that had been at 12th and Sansom streets, have also been purchased by developers. 

*Article courtesy of Philadelphia Business Journal

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