parkway corporation

Apartments, retail, office space, and parking of course

One of our first predictions for 2017 was that North Broad Street would take a major step forward this year, and it didn't even take two weeks for news to emerge that supports this expectation. Hey, when you're good, you're good.

Yesterday, Philadelphia Business Journal published a story (behind a pay wall) about plans for Parkway Corp. to partner with Nightingale Properties to redevelop the large surface parking lot on the northwest corner of Broad & Spring Garden. You may recall, we told you over the summer that Parkway had purchased this property but we didn't know anything concrete about their plans. Now, thanks to PBJ, we've got some significant insight and some pretty renderings too.

Exact plans are unclear at this point

The hits keep on coming for North Broad Street. Once seen as the red headed stepchild of the Avenue of the Arts, North Broad Street has seen an amazing resurgence in the last few years and its future is incredibly bright. At Broad & Fairmount, the renovation of the Divine Lorraine is progressing, restoring one of the most striking buildings on the corridor and bringing 121 new units to the area. Restaurants like Osteria and Alla Spina are making North Broad Street a destination for people that don't live nearby. And very soon, even more people will call North Broad Street home.

Yesterday, Philly.com reported that the Parkway Corporation has purchased the large surface parking lot on the northwest corner of Broad & Spring Garden. The plans are a little nebulous at this time, but should be of the mixed-use variety and include residential, office space, and retail. And since it's Parkway, we have to assume that parking will also be involved, even though the property sits on a BSL stop.

Certainly better than two surface parking lots

Maybe you love surface parking lots, but if you're a regular reader of this blog you know we aren't into 'em. So we rejoiced a couple years back, when Parkway Corporation, one of the biggest parking lot owners in Philadelphia, partnered with the Hanover Company with plans to redevelop two surface parking lots on opposing corners at Broad & Callowhill. At the time, we predicted that we'd be offering more information in the near future, and we somehow haven't checked in on the property in the time that's passed since then. But better late than never, eh? Currently, both the southeast and southwest corner are in the early stages of construction.