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Goldenberg puts up for sale a prime Center City development site

Philadelphia Business Journal
March 29, 2021 | Natalie Kostelni

Goldenberg Group has put up for sale 727-735 Chestnut St., a five-story parking garage that is viewed as more valuable as a potential development site.

The property totals 19,606 square feet and, in addition to the garage, has street-level retail space. It is bound by Chestnut, 8th and Ranstead streets, including corners at both 8th and Chestnut and 8th and Ranstead.

Goldenberg has had recently received unsolicited offers for the property and that led the company to reevaluate holding on to it.
“As a developer, it wasn’t our intention to sell, but we realize that we can’t develop every site that we own simultaneously,” said David Mercuris, senior vice president at Goldenberg. “In addition, values of well-located development sites in Center City are at an all-time high and we understand that. Consequently, we concluded that the timing is right to offer this for sale.”

[Read Full Article]By Natalie Kostelni