National Real Estate Development plans to build a medical office tower and a residential high-rise on the yet-to-be redeveloped southern portion of its East Market project site between 11th and 12th Streets on Market Street in Philadelphia.
The Washington-based developer was granted zoning permits Friday for a 23-story medical office building and a 24-story tower with 396 dwelling units on the Chestnut Street-facing portion of the site, where an art deco parking structure slated for demolition now stands.
The medical tower would rise among a cluster of clinical and office buildings used by the Thomas Jefferson University hospital network surrounding the East Market site, including the health system’s soon-to-be headquarters tower at 1101 Market St.
A Jefferson spokesperson did not respond to an email asking whether the network planned to occupy the new medical office building, and a National representative had no immediate comment.
National broke ground in 2014 on the East Market project, a planned $800 million development on land it controls under a long-term lease with the site’s owner, the estate of late Philadelphia tycoon Stephen Girard.
It is nearing completion of work on the Market Street-facing 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.
It is also converting the historic Stephen Girard Building on 12th Street, between Market and Chestnut Streets, into a hotel under Hilton’s boutique Canopy brand.