Currently, no formal development proposals are active for the site, which is listed under Parkway Corporation’s “opportunities” portfolio. This suggests the company is seeking an anchor tenant or a development partner to realize the full potential of the property. Zoning regulations permit the construction of a high-rise building, potentially reaching 30 stories or taller, offering substantial vertical development possibilities.
Potential redevelopment site at 19-27 South 8th Street, Philadelphia, adjacent to 8th & Market Street Station. Image shows the existing parking lot, highlighting the development opportunity near public transportation.
The site’s dimensions are approximately 137.5 feet east-west and 105.5 feet north-south. It currently accommodates 69 parking spaces, divided into 36 attended and 31 self-park slots. Parkway Corporation estimates the site could support a 174,204-square-foot building with a floor-area-ratio (FAR) of 12:1, and a significantly larger 289,900 square feet at a 20:1 FAR, underscoring its development flexibility.
The exceptional advantage of this location is its unparalleled access to public transportation. The 8th & Market Street Station, serving both the Market-Frankford SEPTA Line and the PATCO Station, is a mere block north. This provides seamless connectivity throughout Philadelphia and into New Jersey. Furthermore, Jefferson Station, offering regional rail lines across the metropolitan area, is just three blocks west, solidifying the site’s appeal for office development seeking easy commuter access.
Beyond transportation, the location boasts proximity to Philadelphia’s major historical and cultural landmarks. Independence Hall, the Liberty Bell, and the National Constitution Center are all within walking distance, as is the Pennsylvania Convention Center. These attractions, combined with the nearby Market Place East shopping center, enhance the site’s attractiveness for various development types, including residential and hospitality. The ongoing demand for high-rise residential units in the area, exemplified by the St. James residential tower, further strengthens the case for a mixed-use or residential project.
Aerial view of the parking lot at 8th and Market Street, Philadelphia, illustrating its prime location for high-rise development and proximity to the 8th & Market Street Station.
However, a potential concern exists regarding a large trompe-l’oeil mural of President Abraham Lincoln that overlooks the site. Ideally, future development would preserve this public artwork. One possible approach could involve limiting construction to the western portion of the lot, creating a public alley to maintain the mural’s visibility. While the site’s footprint might make this challenging, innovative design solutions could potentially integrate the mural into a new development, adding a unique character to the project.
In conclusion, the parking lot at 19-27 South 8th Street represents a prime redevelopment opportunity in a highly desirable Philadelphia location. Its proximity to 8th & Market Street Station, coupled with its central position and favorable zoning, makes it an attractive prospect for developers seeking to contribute to the ongoing evolution of Market East. The site’s potential is vast, and its future development will undoubtedly play a significant role in shaping the cityscape around this vital transportation hub.
