Contact:
JoAnn Loviglio
T 215.440.5546
jloviglio@centercityphila.org

FOR IMMEDIATE RELEASE

Mixed-Use Development Surge Continues as Downtown Transformation Accelerates

PHILADELPHIA (January 28, 2025) — Center City Philadelphia continues to demonstrate its robust growth trajectory with 66 major development projects either completed, under construction, or in planning stages. The just-released 2025 Center City Real Estate Development Report provides images and key details for these projects, which span from Girard Avenue to Tasker Street, river to river.

"The scale and diversity of development activity we're seeing demonstrates Center City's successful evolution into a truly mixed-use downtown ecosystem," CCD President and CEO Prema Katari Gupta said. "With 20 projects completed in 2024 and 33 more under construction, the transformation of our downtown continues at a remarkable pace."

Key Takeaways:

• Residential Boom: 43 of 53 completed and under-construction projects include residential components, with over 3,000 units completed and 4,000 more under construction. An additional 2,000 units are in the proposal stage.
• Commercial Growth: More than 805,000 square feet of new commercial space and 522,097 square feet of retail space are being added to the downtown landscape.
• Market East Transformation: Major announcements regarding Macy's departure from the historic Wanamaker Building and the dissolution of the 76 Place arena proposal are catalyzing new plans for the corridor's revitalization.
   

In addition to providing the most up-to-date documentation of currently proposed, under construction and recently completed projects, the report also notes five key development trends in Center City’s real estate landscape: 

State of Change on Market Street
The start of 2025 brought significant changes to Market East, with Harris Blitzer Sports & Entertainment and Comcast Spectacor announcing plans to invest in the corridor's revitalization. The Wanamaker Building owners are pursuing a mixed-use redevelopment strategy, breaking up the former department store space into multiple retail, service, and entertainment concepts.

Leading in Adaptive Reuse
Philadelphia maintains its position as a national leader in office-to-residential conversions, with 9 million square feet converted over the last 25 years. Notable current conversion projects include 1701 Market Street and partial conversions at The Bellevue and The Bourse.

Arts and Culture Evolution
The cultural landscape is evolving with the addition of Calder Gardens on the Parkway and Philadelphia Ballet's new home on North Broad Street. However, the termination of the Pennsylvania Academy of the Fine Arts' degree programs and the closure of the University of the Arts present both challenges and opportunities for the Avenue of the Arts corridor.

Retail Renaissance
New mixed-use developments are attracting premier national retailers and restaurants to Center City, including the city's first Equinox gym at The Laurel, a new Schulson Collective restaurant, a new outpost for acclaimed Austin-based restaurant chain Uchi at The Josephine, and new supermarket locations from Giant, Aldi, Lidl, and Sprouts.

Population Growth
Center City remains the fourth-largest residential downtown in the nation, with a 20% population increase over the past decade. This growth supports retail vitality and contributes to street-level vibrancy across downtown neighborhoods.

"The coming transformation of Market East from City Hall to Independence Hall represents one of the most significant opportunities for Philadelphia's continued growth," Gupta added. "With unparalleled transit accessibility and flexible zoning, we expect this corridor to emerge as Center City’s most dynamic mixed-use district."

The full 42-page report, along with an interactive companion map, are available at centercityphila.org/developments.