The owner of the East Market complex of apartments, offices and shops between 11th and 12th Streets on Market Street has been granted a demolition permit for the parking structure on the Chestnut Street-facing portion of its project site, indicating that it's preparing to embark on its next phase of development there.
The permit issued earlier this month allows National Real Estate Development of Washington, D.C., to begin razing the four-story, art-deco garage that was completed in 1940 and now has a Beneficial Bank branch, a Dunkin' Donuts store and a Hallmark-branded gift shop in its ground-floor retail spaces, according to records on the website of the Philadelphia Department of Licenses and Inspections.
The building is part of a large property bounded by Market and Chestnut Streets, between 11th and 12th Streets, that is controlled by National under a long-term lease with the site's owner, the estate of late Philadelphia tycoon Stephen Girard.
National is nearing completion of its plans for the Market Street-facing northern two-thirds of the property, where it has developed a pair of apartment towers and an office building, with lower-story spaces occupied by branches of Iron Hill Brewery & Restaurant, TJ Maxx, Mom's Organic Market and Little Baby's Ice Cream.
National's plans for the southern, Chestnut Street-facing third of the block currently occupied by the garage call for two additional "mixed-use towers" atop retail spaces with more parking, according to its website. National did not immediately respond to a request for additional details.