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PHILADELPHIA-Murano, a 42-story, curved, glass-clad condominium tower is planned for the parcel at 2101 Market Street at the intersection of N 21st Street, which now contains a Budget Rental unit and surface parking lot. Murano's developer is a joint venture between locally based P&A Associates and Los Angeles-based Thomas Properties, which has an office here and owns or manages several Center City office buildings, including Commerce Square and 1835 Market St.

Randy Scott, the Thomas SVP who heads the office here, tells GlobeSt.com the all-in development cost "is approximately $165 million." The architect is Chicago-based Solomon Cordwell Buenz Associates, which designed the St. James 45-story rental residential tower on Washington Square owned by P&A Associates.

Murano will contain 302 residential units and 9,000 sf of ground-floor retail. "The ground-floor space has ceilings of about 14 feet with floor-to-ceiling glass," Scott says. "We think, because of the building's proximity to the Market Center, a home furnishings tenant might be suitable and we've been approached by people who'd like to open a restaurant."

The residential units range from 742 sf to more than 2,000 sf. The selling prices begin in the high $300,000s and reach to $2 million, Scott says. CitiHabitat, an affiliate of Corcoran Group, is handling marketing and sales.

Scott says demolition at the site will begin next week and completion is scheduled for third quarter of 2008. Asked if he had concerns about an over-supply of condos in Center City, he says, "I'd be lying if I said I wasn't concerned, but we're optimistic that we're at the beginning of the trend, and this location is ideal and ripe for residential development. We've had our eye on West Market Street for some time and see this as the third step of development there, following Commerce Square and 1835." Asked if a fourth step was in the works, he answers, "there's nothing to write about yet."

Instant Insights /

JV Plans $165M, 42-Story Murano Condos on Market Street

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