A group of real estate developers have their hopes set on East Market Street to become a tech corridor from City Hall to Independence Mall, and they're willing to put $25 million behind the plan.
According to Technical.ly Philly, the proposed development by SSH Real Estate, which will form part of the larger, $500 million project called East Market, is set to take over the former Family Court building on 34 S. 11th Street.
The building will aim to attract co-working spaces, startups, and other creative businesses in a renovated space with a floor-to-ceiling glass and new elevators. In total, the 8-story building will offer 160,000 square feet of office space , as well as underground parking and a MOM's Organic Market on the first floor.
Owned by SSH Real Estate, National Real Estate Advisors, JOSS Realty Partners and Young Capital LLC, the project is slated to be complete by spring 2016 and almost fully occupied by the time it opens.
The owners of the building are looking to lure larger tech companies as opposed to early stage startups, with minimum leases of 5 to 7 years.
Offsetting this tenant strategy will be a separate, 25,000 square foot development from Brickstone Realty, located across the street. This building will offer smaller spaces of 6,000 square feet for smaller businesses.
According to Peter Soens of SSH Real Estate, demand for these spaces is increasing as companies start to outgrow spaces south of Market Street.
The entire East Market development will receive $4 million in grants from the city and $10 million in grants from the state. The renovation aims to give the area a major makeover, replete with digital billboards. In March, demolition got underway for the project's $230 million first phase, to include 160,000 square feet of officer space, 160,000 square feet of retail, and a 17-story mixed-use tower with 322 apartments.