PHILADELPHIA-The new ownership of the Dow building in Center City here plans to spend more than $20 million to redevelop the building in order for it to be transformed into a destination on Independence Mall.

The building owner, a partnership of Keystone Property Group, Mack-Cali Realty Corp. and Parkway Corp., will look to create a dynamic outdoor space on an existing plaza area along 6th Street, according to the Philadelphia Business Journal. The plan will add a restaurant in 3,000 square feet of the property at the corner of 6th and Market streets

In addition, Parkway Corp. says it will convert 55,000 square feet of basement space in the nine-story, 350,000-square-foot office building at 100 Independence Square West into a 120-130 space parking garage. The Key, Mack-Cali, Parkway partnership acquired the building in October for $40.5 million. The building is fully leased to Dow Chemical and the General Services Administration.

“We are designing and developing a product that will anchor the Market Street East part of Philadelphia, enhance the pedestrian experience and create a new scene that will augment the cityscape,” said Bill Glazer, president of Keystone Property Group. See story in the Philadelphia Business Journal.