It's finally happening after years of rumors

Every now and again, a large piece of prime real estate becomes available in Center City, and all the big developers surely take notice. Such is surely the case with 500-510 S. Broad St., the 40K sqft parcel that's been home to Health Center No. 1 for the last few decades. Earlier today, we received an email informing us about a recently released RFQ from the PIDC, seeking parties interested in purchasing and redeveloping this significant parcel on Avenue of the Arts.

Philadelphia City Planning Commission's design concept

Gary P. Steuer, Philadelphia's chief cultural officer and director of the city's Office of Arts, Culture and Creative Economy would like to see the parcels at the northeast (owned by New York-based Hudson River Capital) and northwest (marketed by Philadelphia Industrial Development Corporation) corners of Broad and Washington developed. "Given the Avenue of the Arts location, it would be great to have a cultural component in that area," Steuer told us. There has been some talk about culturally related development and the PIDC recently opened the northwest corner of Broad and Washington, an Avenue Of The Arts anchor-point corner, to Request For Qualifications (RFQ) in order to find out the potential to develop this site in the current market. So what is the potential?