It’s a good time to own surface parking lots in greater Center City. As real estate values climb skyward, these vestiges of the city’s formerly moribund market have become hot commodities — and now, another one of them is headed for transformation.
The lot at 5th and Bainbridge streets in the South Street Headhouse District is slated to become a seven-story mixed-use development anchored by a big name retailer that appears to have fallen in love with Philadelphia.
“The only thing I can say is that it has a big sign with a red bull’s eye. I just can’t say the name for confidentiality reasons,” said Harvey Spear, owner-developer of the property, describing a store that sounds a lot like Target.
“The retail [tenant] will have a small food section and a pharmacy, it's going to be a great asset for the neighborhood,” he said.
In addition to the 20,000-square-foot store, the $35 million development will include at least 50 luxury apartments and a 152-space parking garage, said Spear, whose family has owned parking facilities in Center City for generations under the banner of E-Z Park.
Rumors have been circulating for over a year that Spear was courting Trader Joe’s for the location, but he says that deal fell through.
Credit: planphilly.com
