THE YEAR IN REVIEW: # 4 STORY FROM 2014

380-Foot Glass Tower Planned for City’s Most Historic Neighborhood
Scannapieco Development has announced plans to build a $150 million condominium tower being described as “modern elegance” and “at the crossroads of history” at Fifth and Walnut Streets in the Philadelphia Historic District. The 26-story building will house 40 ultra-luxury residences which will overlook Independence Hall.

Two-story penthouses in the 380-foot tower will feature private elevators, multiple balconies and fireplaces, with asking prices in the $12- $15 million range. Construction will begin in spring 2015, and anticipated to be ready for occupancy in spring 2017.

500 Walnut will be an ultra-luxe residential tower located in the Society Hill neighborhood facing Independence National Historic Park.

Forty residences starting at 2,500 square feet will include 14 private, full-floor 4,200 square foot units that will be fully customizable with expansive balconies, true floor-to-ceiling windows, fireplaces, private elevator access, 11 foot ceilings and some of the most spectacular views ever offered in a center city high rise.

In addition to full-floor units, the tower will include two penthouses that take up multiple stories with more than 8,400 square feet and features such as private interior elevators, multiple balconies and fireplaces. These units are expected to be listed in $12- $15 million range.

The 26-story glass “needle” tower is designed by renowned architect, Cecil Baker, and will bring innovative and thoughtful design to the neighborhood in which it resides.

Its structure will not compete with the iconic historic architecture and is angled in a way that will never interfere with an onlookers view from the Liberty Bell to Independence Hall.

Tom Scannapieco has gained a reputation of being a developer that truly understands the ultra-high-end market, since his success with the highly-acclaimed luxury tower at 1706 Rittenhouse Square.
 
The developer expects the new tower to be Philadelphia most innovative luxury concept to date.

The amenity-rich building will offer everything from a multi-level glass enclosed two story fitness center with a yoga room, massage room and steam room to a large outdoor terrace overlooking National Historic Park. It will also boast an underground fully automated parking system for over 80 cars that automatically stores and retrieves vehicles in less than 90 seconds.

Perhaps the best amenity at the new building, however, will be the view of Independence Hall. “It’s a real strength for this building,” Scannapieco says, “looking right at history.”

Construction on 500 Walnut will begin this spring, and already has 16 reservations. The building has a target opening date in the spring of 2017.