A long-vacant former Rite Aid site in Philadelphia could become a new residential development. Patriot Development Associates LP plans to construct a 118-unit apartment building at 2301 Walnut Street. The property sits at 23rd and Walnut streets and currently includes the former pharmacy building.

Patriot Development Associates is affiliated with Philadelphia-based parking lot operator Patriot Parking Inc. Under the current proposal, the developer plans an eight-story residential building at the site.

The Rite Aid closed in 2022, leaving the 10,300-square-foot building vacant for several years. However, this is not the first redevelopment proposal for the property. Trammell Crow Co. previously reached an agreement to purchase the site for a larger residential project.

Those plans called for 172 apartment units. However, the sale ultimately fell through, and the project never moved forward. Patriot Development Associates later explored leasing the former Rite Aid space instead of pursuing redevelopment.

Despite those efforts, the property remained vacant. Now, the proposed apartment project could bring new activity to the prominent Walnut Street site. The development would also add new housing inventory near Center City and the surrounding Rittenhouse Square neighborhood.

*Article courtesy of Philadelphia Business Journal

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