Mixed-Use Developments across Philadelphia’s CBD have attracted top retail tenants
With the Four Seasons Hotel finally opening atop the Comcast Technology Center this week, the CBD is adding to its already impressive list of mixed use developments
August 14, 2019
- With the Four Seasons Hotel finally opening atop the Comcast Technology Center (CTC) this week, the CBD is adding to its already impressive list of mixed use developments (MUD’s). While MUD’s have increasingly become the norm across Center City during the current construction boom, CTC is the first to combine office, hotel, restaurants, retail, and a few residences into a single building. Separate from CTC, an abundance of MUD’s have taken rise throughout Philadelphia’s CBD, signaling a local embrace of New Urbanism concepts. With developers seeking to match pent up demand across multiple asset classes, MUD’s help both the investor and the community by creating a walkable urban environment that’s attractive to residents, workers and visitors. These developments, along with others throughout the city, will help Philadelphia maintain its position as one of America’s most walkable cities (ranked #5 in USA by Redfin in 2017).
- Focusing on the MUD’s featured above, they’ve contributed a total of 5.4M sf of new construction since 2015, with 444k sf (8.3%) of that being dedicated to retail that has attracted exciting tenants such as Jean-Georges Philadelphia, Vernick Fish, City Fitness, Target, Mom’s Organic, District Taco, K’Far and Orange Theory. A tenant has been secured for the Laurel’s retail element; however, we don’t expect an official announcement until that project gets closer to completion.
Source: JLL Research