The idea to turn a 30± space parking lot into a 250-room micro hotel just made sense. In recent years, Philadelphia has been on an upward trend from both a residential and retail standpoint and Parkway, with its Partner, Modus Hotel had the foresight to address the emerging need for short-term lodging within the city. Timing and location were the deciding factors in executing this development.
Centrally located in the hub of Center City’s business and retail district, the Pod responds to the needs of the business traveler who wants to be within walking distance to meetings eliminating the need for inner-city travel. It also serves the growing residential population who seek nearby lodging for visiting guests.
As reported by the CCD, in 2019, 305,000 workers, 193,000 residents, 112,000 college students and 3.5 million occupied hotel room nights combine to create more than $1 billion in retail demand annually. New construction and retail have transformed this area into one where pedestrian counts have increased by 45%.
For Parkway, cases like this are the rule, not the exception. As one of the handful of parking operators who have developed garages for our own account, we have been down this road many times – and know the best route to added value.
Time and again, Parkway comes up with new approaches to make projects happen. Whether you have a building that could be re-used or a new development, you will find Parkway to be a partner worth having – one that can take your project to a higher level.