Philadelphia

Qdoba Mexican Grill Closed at 19th and Chestnut, Pearl Properties Moves Ahead with what I reported weeks ago

4-28-2014-6-09-28-AM

I first reported a few weeks in November it looks like Pearl Properties is planning to build an apartment highrise down the street from Rittenhouse House Square. 

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UPDATE 3/31/14: 

RESIDENTIAL HI RISE PLANS AT 19TH AND CHESTNUT
Pearl Properties has created preliminary plans to erect a high rise
residential apartment tower on the southwest corner of 19th and Chestnut
with the residential entrance on 19th. The project is just east of the
Boyd Theater site and across the street from the CVS pharmacy. The
plans call for the preservation of the property situated on the
southwest corner of 19th and Chestnut, recently occupied by the Qdoba
restaurant. Sketches show retail on two
floors accessible from the ground floor with the entry on Chestnut. The
site is zoned CMX4 (center city commercial mixed use), which prescribes a
floor area ratio (FAR) of between 500% and 700% depending upon whether
the property qualifies for Section 14-702 bonuses for amenities such as
public art, public space, underground parking or green elements. A 7
story building with a footprint occupying 100% of the buildable space
on a lot has an FAR of 700%, while a 14 story building with a footprint
occupying 50% of the buildable space would have an FAR of 700%. CCRA has
created a major development taskforce which has met twice with Pearl
Properties and is making arrangements for Pearl’s representatives to
present their plans at a public meeting to be held on April 29 at 7:00
PM, at a location still to be determined. Stay tuned.

I had heard that the deal between Little Pete’s and Mac’s Tavern fell
through after Little Pete’s owners got an offer they couldn’t refuse from Pearl
Properties. Pete was very generous when he broke the news to the
Mac’s Tavern peeps, who are now on the lookout for a new home on the west
side of Broad Street. Of course I was 100% this thing was going to happen, I am sensitive to the fact that it affects people and their livelihood. I wouldn’t have reported this had I known it wasn’t happening. (I probably could have waited on the Bloomingdale’s story since it’s so far out, but that is happening too. They are waffling on whether it’s going to be going in BCF or the KMart space. They definitely didn’t want the old Strawbridge because of 8th & Market area. Bloomies really isn’t fond of the KMart space.)

Qdoba Mexican Grill closed on Saturday. Now Pearl owns all the property from the corner to the Boyd Theater.

How amazing that Pearl Properties held on to the empty lot on the right for nearly a decade and then it all fell into place for them.
Look for Pearl Properties to build a 1st class, 20 – 25 story apartment building, with retail on the first floor. Look for a high end wrap around restaurant on the corner of 19th and Chestnut. This is a very exciting project for the Rittenhouse Square area, especially for the Chestnut Street revival which I’ve been writing about for the past year. 16th Street to 22nd Street. Great things are happening in the City.

check out my year end review here