PHILADELPHIA, March 11, 2014 /PRNewswire/ -- Scannapieco Development Corporation, Philadelphia's Ultra Luxe Residential Developer, today announced its plan to construct 500 Walnut, an ultra-luxurious residential tower located in Philadelphia's most historic neighborhood. Facing Independence National Historic Park, the planned 26-story glass "needle" tower is designed by renowned, award-winning architect, Cecil Baker, and will bring to Philadelphia the most innovative luxury concept to date.
On the heels of the record-breaking success of the highly-acclaimed luxury tower 1706 Rittenhouse Square, Tom Scannapieco continues to address the intricate and unique demands of the ultra-high-end buyer. Having established a reputation of being the only developer who truly understands the 'ultra-luxe' market, Scannapieco aims to achieve the same success with 500 Walnut by coupling distinct neighborhood location, privacy and intimacy in scale with features and amenities unlike any other in Philadelphia. Forty residences starting at 2,500 square feet will include 14 private, full-floor 4,200 square foot units that will be fully customizable with expansive balconies, true floor-to-ceiling windows, fireplaces, private elevator access, 11 ft. ceilings and some of the most spectacular views ever offered in a center city high rise. The full-floor units will range from $4 million to over $13 million.
"1706 Rittenhouse Square set a whole new precedent for luxury in Philadelphia. Its success proved that there is demand for the ultra-high-end, a niche market that wasn't truly addressed previously. This discerning buyer is seeking the vibrancy of an urban lifestyle, but with the square footage, privacy and exclusivity of a building that is intimate in scale and caters to residents' specific needs," said Tom Scannapieco of Scannapieco Development Corporation.
500 Walnut's innovative and thoughtful design honors the neighborhood in which it resides. Its structure changes from north to south, taking on a northern-facing simplicity so not to compete with the iconic historic architecture. It starts to break up and pull in as it moves south to create a residential-friendly backdrop to Saint James Street, inflecting a scale that is appropriate to the society hill neighborhood. The building is angled in a way that will never interfere with an onlookers view from the Liberty Bell to Independence Hall.
"500 Walnut is perched on the threshold of history, and it's also the gateway to society hill. As such, I envisioned it as a building that should be accepting and cognizant of its historical foreground, and at the same time, be a slim, elegant contemporary beacon in Philadelphia," said Architect Cecil Baker. "It's a unique opportunity- to be able to view the great paradigms of American history from atop your home in a building that is the first of its kind in Philadelphia."
The amenity-rich building will offer everything from a multi-level glass enclosed two story fitness center with a yoga room, massage room and steam room to a large outdoor terrace overlooking National Historic Park. It will also boast an underground fully automated parking system for over 80 cars that automatically stores and retrieves vehicles in less than 90 seconds. Only two penthouse offerings will be available, which will be fully customizable, each featuring two stories with over 8,400 square feet, a private interior elevator, multiple balconies, and fireplaces.
Construction for 500 Walnut will begin in spring 2015 and will open for occupancy in spring 2017. For additional information please visit www.500Walnut.net or call 215-574-0500.
Laura Krebs, Cashman & Associates
215.627.1060 (w) / 610.715.1096 (m)
SOURCE Scannapieco Development Corporation