For well over a decade, a parking lot at 1301 Market Street spanned much of the block located just east of City Hall. However, in the near future the lot will make way for a 460-foot, 32-story office tower designed by Skidmore, Owings and Merrill, which will feature massive floor plates. As one of the tallest buildings east of City Hall, the centrally-located tower will make a dramatic impact on the skyline and join the ever-growing list of developments that are transforming Market East, such as East Market Phase 3.
In late 2016, an announcement came that the parking lot would be replaced by a 547-foot tower, which would stand just one foot shorter than the William Penn statue atop nearby City Hall. The proposal, also designed by SOM, consisted of a rectangular block split down the middle of the Market Street facade by an indented glass band, creating two sections with the east portion slightly taller than its counterpart to the west. The tower would have sat atop a four-story podium, with the high-rise portion pushed back 50 feet away from the Residence Inn by Marriott at 1 East Penn Square just to the east.
Whether to reduce competition with iconic City Hall or to cater to market conditions, such as commercial clients looking for larger floor plates, the current iteration is 87 feet shorter and considerably bulkier than the original. While retaining its setback from the hotel, the design disposes with the podium, instead rising directly from the street to its first setback around one-third of the way up, located on the north side. A similar setback occurs around two-thirds of the way up. Both setbacks will feature spacious amenity terraces for the tenants. The south, Market Street-facing facade will retain the indented vertical band, which will be flush with the set-back crown and updated with exposed cross-bracing. Metal cladding will line the building corners.
Despite the height reduction, the building will still rise prominently above the surroundings, providing dramatic views of the Philadelphia skyline and a direct, close-up view of City Hall to the west.
The tower is anticipated to be completed in 2024.