Giant skyscraper proposed
Tower would be taller than the Empire State Building
Philadelphia Business Journal - by Natalie Kostelni Staff Writer
A local developer is proposing to construct an $800 million, 2.2 million-square-foot skyscraper on what is now a surface parking lot at 18th and Arch streets in Center City.
The 63-story building would stand 1,500 feet high, surpassing the new Comcast Center, which at 1,000 feet tall is the city's tallest structure. The proposed tower would even be taller than the Empire State Building.
"It would be an iconic structure," said Garrett Miller, president of Walnut Street Capital. "This is something Philadelphia has not seen before."
Walnut Street Capital, a Philadelphia development company, and a pension fund from Washington state are allying to develop the project. The pension fund, which has $6.18 billion in assets, is financing the project, Miller said. This enables the project to skirt around the current credit crunch that is starting to put a damper on commercial projects.
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