PHILADELPHIA, PA–Mack-Cali and its Roseland subsidiary have formed a joint venture with Parkway Corporation to develop a luxury multi-family community at 709 Chestnut Street in Philadelphia. The development, currently in the planning and permitting stages, is slated to commence construction by the end of 2015.

Located in the heart of Center City, preliminary plans for 709 Chestnut Street feature 32 stories consisting of approximately 300 luxury apartments and over 11,000 square feet of indoor and outdoor amenity space.

“As we continue to expand our footprint in the Philadelphia market, we're excited to have the opportunity to partner with Parkway—a leader in parking management and real estate development—for this exciting initiative at 709 Chestnut Street,” says Mitchell E. Hersh, president and chief executive officer of Mack-Cali. “This community will serve as a cornerstone of the burgeoning Market Street East neighborhood, which is quickly emerging as a dynamic cultural destination in a previously underutilized corridor.”

The project marks the newest development on the east end of Chestnut Street, —a region that has historically seen significantly less redevelopment than the Street's west end. Known as the Market Street East district, the area has experienced a recent flurry of activity and is in the midst of a rapid transformation. The influx of businesses and residents is due in large part to recent City initiatives, including a targeted reduction in business taxes and a revamped zoning structure that allows for a dynamic mix of commercial and residential uses in the neighborhood. The area has proven to be particularly attractive for millennials and empty nesters, drawn to its hyper-accessible location and emerging cultural livelihood.

Plans for 709 Chestnut Street also include the development of an automated 125-car parking garage onsite, marking the third fully automated garage project that Parkway Corporation has recently established in Philadelphia. The company also operates the city's first fully automated garage at 1706 Rittenhouse Square and provided the land for the automated garage project at 500 Walnut Street, both of which have been praised by city and civic organizations.

Mack-Cali and Roseland are currently pursuing opportunities in Philadelphia and the surrounding areas involving both ground-up development and adaptive reuse. With its partner Keystone Property Group, repositioning plans were announced for The Curtis, just around the corner from 709 Chestnut Street. Roseland will lead the residential redevelopment of the iconic Center City building, which will feature new luxury apartments, while Keystone will revitalize the building's existing office space and common areas.

Mack-Cali also recently partnered with Keystone and Parkway Corporation on 100 Independence Mall West, where the companies have reinvested over $20 million. The partnership's revitalization of the building and streetscape include a new 110-car underground parking garage and a variety of revamped ground floor retail spaces, including the popular Independence Beer Garden.

Instant Insights /

Mack-Cali, Roseland, Parkway Partner on 709 Chestnut Project

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