1701 Market Street
From Empty and Abandoned to First Class Reuse
After this obsolete Center City Philadelphia asset had been empty for 20 years, Parkway approached the owners with a concept for its adaptive reuse, including parking. Parkway formed a partnership with the owners and undertook the conversion of seven floors of the building into a 252 car above grade garage. Parkway provided the functional design, acted as the Garage Component Development Advisor, and continues to operate the garage on behalf of the ownership and became a 25% owner of the property.
- The 1701 Market Street property, ideally located for parking but logistically difficult, was being held as a prime site for the development of a major office tower.
- No major new office development had been financially viable at the site over the hold period, which resulted in the prospect of a continuing buildup of considerable non-recoupable holding costs.
- The costs to raze the 20-story building and reuse the site on an interim basis as parking was too high. So the property sat vacant.
- Parkway analysis concluded with the potential to charge the highest parking rates in the city in an area underserved by parking.
- The floor plates were long and narrow, with a building width of just 87 feet, leaving no room to park cars if we used conventional ramps.
- We converted the first 7 floors into parking with an innovative design adding ramps to the outside of the existing building to create a one-way traffic flow, self-park, and double helix garage (for each revolution, the parker goes up two floors).
- Parkway conceived of a way to tap the value of the location, which now commands the highest monthly rates in the city.
- Parkway's design team conceived an idea to turn the first 7 floors of the building into a garage.
- The top floors of the building became very attractive to a major law firm and kicked off a major reuse, including office and retail uses.
- Parkway’s design facilitated the tenant’s downward expansion -they took two additional floors before construction began and one additional floor afterward.