The Archdiocese of Philadelphia is dipping its toes into the real estate business with its proposal to build two high-rises by its historic Cathedral Basilica of Saints Peter and Paul in a major effort to boost its finances, according to reports.
The plans call for two 33- and 44-story towers that would feature residential units, ground retail, a restaurant, and a 400 parking spaces. The Philadelphia Inquirer reports that plans and renderings for the archdiocese campus were recently presented to the Logan Square Neighborhood Association.
This time, officials anticipate extending a 99-year lease to a developer for a 2.2-acre, L-shaped parcel running to the north and east of the 1864 cathedral.
No revenue targets have been set for the ground-lease deal, in which the archdiocese would retain ownership, and no developers have yet been approached about the opportunity, Croke said.
Three buildings, including archdiocese’s administration building, would have to be demolished in order to build the two high-rises and proposed walkways. The archdiocese’s offices would then move into one of the towers.
Nothing’s set in stone yet, as the project is still in the conceptual stage. The Inquirer has renderings and more on the proposed project.
Update: Logan Square resident and PhillyChitChat’s HughE Dillon first wrote about the proposal on October 3. He shared some renderings with Curbed Philly.