Philadelphia's Parkway Corp. and Houston-based Hanover Co. plan to break ground Wednesday on a pair of six-story apartment buildings flanking North Broad Street at its intersection with Callowhill Street.

The Hanover North Broad project, which will encompass 339 apartments and about 17,000 square feet of ground-floor retail space, will replace two surface parking lots owned by Parkway, the companies said in a press release.

The project is among a wave of residential development that will bring 5,833 new housing units to central Philadelphia over the next three years, according to the Center City District business group.

It joins other projects revitalizing Broad Street just north of City Hall, including developer Eric Blumenfeld's redevelopment of the Divine Lorraine Hotel into apartments and a retail and residential complex proposed nearby by New York-based RAL Cos. & Affiliates.