A fire severely damaged the former Suit Corner building on the southwest corner of 3rd & Market back in the spring of 2014, resulting in its demolition. In the time that's passed since then, the corner has sat empty. Meanwhile the northeast corner, formerly home of the Shirt Corner, has seen the construction of a new building.
A year ago, we told you that 300 Market St. was available for sale, and while we couldn't find a list price we assumed that it would trade for a pretty penny considering the extremely desirable location. Now the property is now under agreement and the developers will soon be presenting plans to the community for a mixed-use building. The building will rise four stories, and will contain a ground-floor retail space along with twelve rental apartments. The elevations drawing shows a much more traditional look than we're accustomed to at this corner.
It's important to note, this project only includes the 22' x 80' property at the corner, not the entire footprint of the former Suit Corner. The adjacent property, 302 Market St., could house the Suit Corner again at some point in the future, but the owners will have to deal with violations on the property before they can move forward with anything. It's a shame that the parcels are owned by separate parties because a double-wide property here would obviously be better, allowing for more residential units and a larger commercial space. But all things considered, the project currently on the boards makes the best of the situation and will represent the highest and best use for this corner in decades.
Disclosure: OCF Realty, parent company of Naked Philly, is the broker for this project.