New Ultra-Luxe Tower Is Only Philly Developer’s Latest

How does a (very expensive) condo tower not slated for completion until Spring of 2017 already have over a dozen reservations? The answer is one that takes a little while to explain.

As designed by architect Cecil Baker, this is a rendering of what 500 Walnut will look like. Photo credit: phillymag.com.

The tower in question is called 500 Walnut. It’s the baby of developer Tom Scannapieco, who has been single-handedly responsible for the super-high-end revolution in Center City real estate. As the driving force behind 1706 Rittenhouse, a tremendously-successful ultra-luxe condo building, Scannapieco accomplished what others said was impossible: selling out a premium development in a so-called “B” location – a building located close to, but not on, Rittenhouse Square.

He also had to contend with naysayers who argued that he’d have trouble pulling enough members of Philly’s highest economic demographic to fill the halls. After all, 1706’s $1,206-per-square-foot price tag carried a 50% premium over other area housing. The old saying proved true, however: Scannapieco built it, and they came.

Scannapieco has plenty of experience in Philly condo development, and its this knowledge that he credits with the success of his highest-end projects. Simply put, he gives well-heeled buyers what they want: high ceilings, single-floor living, and plenty of privacy.

As for 500 Walnut, the aforementioned tower still in development? All forecasts point to sunny days ahead. These condos will take the opulence of 1706 Rittenhouse and kick it up a notch, with 11-foot ceilings and larger sun decks. Sixteen reservations have already been taken.

As the sports stars, politicos, and other Philly luminaries fill the halls of these opulent condos, will the ultra-luxe housing market hit supply/demand equilibrium, or continue to grow? Only time will tell.