Philly's iconic Benjamin Franklin Parkway is getting a new addition, and it's 34 stories tall, curvy and lined with bronze tones.
What's happening: Real estate investment firm EQT Exeter recently unveiled the final renderings for Two Cathedral Square in Logan Square.
The developer says the 470-foot building will bring a heap of new work, retail and residential space to the area.
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State of play: The site, located adjacent to the Cathedral Basilica of Saints Peter and Paul, is the parkway's first office building in nearly four decades.
The project costs are expected to exceed $400 million, EQT Exeter principal Bryan Lamb told Axios.
The Archdiocese of Philadelphia, a partner in the development, will issue a ground lease to EQT Exeter for 99 years.
Flashback: The archdiocese pitched building a high-rise beside the basilica in 2016 as a move to boost its cash-strapped finances amid dropping church attendance.
The archdiocese declined to comment.
A rendering of the inside of the development project Two Cathedral Square. Image courtesy of EQT Exeter
By the numbers: Two Cathedral Square will include:
450,000 square feet of office space, 250,000 square feet of residential rental space and 4,500 square feet of first-floor retail space.
Amenities: Five terraces, which include roof gardens and a pool.
Between the lines: Two Cathedral Square will be the second of two phases at the 2.3-acre site.
A 23-story tower, dubbed One Cathedral Square, broke ground in November 2020 behind the basilica.
The first phase includes 273 residential units with retail on the ground floor. Some units are expected to become available by September 2022, Lamb said.
A rendering of an entrance to the development project Two Cathedral Square. Image courtesy of EQT Exeter.
What they're saying: The development's location — near the Parkway Central Library and other city landmarks — makes the project unique, said Mitch Marcus, a managing director for JLL, the leasing broker for the development.
"There's nothing like it," Marcus added.
What to watch: Construction has yet to begin, but the completion date is expected to be late 2023, subject to EQT Exeter securing an anchor office tenant.
Potential rents for the residential apartments have yet to be determined, Lamb said.
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