[summersm343]

First tower maybe inching forward here? Looks like this project may incorporate 3 towers, instead of just 2.

Archdiocese moves closer to developing property near cathedral

A $100 million to $120 million apartment project is being proposed for a portion of property the Archdiocese of Philadelphia owns near its Cathedral Basillica of Saints Peter and Paul in the Logan Square neighborhood of Philadelphia.

A block encompassing the archdiocesan pastoral center, its Holy Family Center, and the cathedral has been viewed for potential development by the church. Of those sites, the one closest to being realized as a development is located on the southeast corner of the church property along Race Street.

Nothing is finalized and it’s still early in the process, though a proposed apartment project with 240 units is envisioned for that corner. The building, which is being designed, could total about 250,000 square feet.

While smaller in scale, the project would be similar to one the archdiocese was involved in at its Newman Center at 3720 Chestnut St. in West Philadelphia and would follow the same sale and investment strategy. There, investors from Singapore bought the Chestnut Street site for $18 million and are funding the remainder of the $160 million project, which involves building a 30-story apartment tower with 420 units.

More: https://www.bizjournals.com/philadel..._news_headline