Monday, January 5, 2015

$100M 'Fergie Tower' Will Soon Rise on Walnut Street

A new high-rise apartment tower is about to be built in Center City, east of Broad Street, on Walnut Street in the busy Washington Square West neighborhood. The 26-story mixed-use new tower proposed by the Goldenberg Group is moving forward and will have 300 apartments with retail space at the ground level.  $100 million-plus project will be built on a huge parking lot at 1213-19 Walnut Street, adjacent to historic Fergie’s Pub.

Previous owner U3 Ventures sold 1213-1219 Walnut Street to Goldenberg Group for $8.2 million after a lengthy process that was initially met with resistance by bar owner Fergie himself.

When U3 Ventures first proposed constructing a project on the site, it wanted to build a 30-story building that had 152 hotel rooms, 299 apartments as well as restaurant and retail space that would front Walnut Street and wrap around to Sansom Street.

A throughway was designed so that pedestrians and vehicles could pass through from Walnut to Sansom. The proposal was met with resistance from the owner of Fergie's Pub and a lawsuit ensued.

Eventually, a settlement was made, a zoning overlay was placed upon that block and the project was scaled down to have just apartments and retail.

The 150+ year old building housing Fergie's Pub would endure.

The new tower at 1213 Walnut Street is being designed by TEN Arquitectos and will rise 26 stories and 294 feet tall.

Goldenberg is constructing the high-rise apartment tower in partnership with Hines, a Houston-based development company.

                    Click images to enlarge
The property has been dubbed the "Fergie Tower" because of its proximity to Fergus Carey's pub, a popular bar located in the immediate area at 1214 Sansom Street.