Market East Revitalization Moves Forward
The efforts to revitalize the east end of Chestnut Street (aka Market East), both public and private, seem to be paying off, with Roseland and Parkway Corp betting big on the area in the form of 709 Chestnut St. The Market Street East neighborhood, Mack-Cali and subsidiary Roseland CEO Mitchell Hersh says, is emerging as a cultural destination in a previously underutilized corridor. The property will include about 300 apartments and 11k SF of amenity space; Roseland and Parkway expect to break ground on the project by year's end.
The influx of businesses and residents is due in large part to recent City initiatives, including a targeted reduction of business taxes and a revamped zoning structure, Mitchell says, adding that the area's proven to be particularly attractive to Millennials and empty nesters. Plans for 709 Chestnut St also include an automated 125-car parking garage on site, the third fully automated garage that Parkway Corp has installed in Philadelphia.
