I recently learned that the long talked about Mac’s Tavern on the west side of Broad Street, is not going to happen at 1904 Chestnut Street after all. Seems Little Pete, who owns the property, has sold the spot to Pearl Properties.
If you’re not familiar with Pearl Properties, you should be; they are the preeminent developers of such great apartment buildings of late as The Sansom, and one I recently covered The Granary, which
they have since sold at a decent profit.
When I heard the Little Pete’s property was sold, and verified it with Little Pete (he runs an eatery in my condo building), a lightbulb went off. Hey Pearl Properties owns the vacant lot next to the Little Pete’s property. I remember years ago when 1904 was Pearl, the Stein brothers wanted to buy it to expand on their popular nightclub, but Pearl Properties wouldn’t sell it. Anyway …
I checked with a few people, and sure enough Pearl Properties bought the recently closed Dollar Store (the sale was recorded at the end of October); now I hear the building that houses the Qdoba is also under contract. I’m excited to see what happens next with this parcel of land, which is a few blocks away from the tony Rittenhouse Square; I’m sure it will be a first class, amenities filled apartment building no doubt, especially if you’ve seen their other projects. It’s great to see the City is making a huge comeback with so many new living spaces being developed, and it’s exciting to see a Chestnut Street revival. Now if only the plans for the Boyd Theater could be executed (see Michael Klein’s column
), which is the building on the other side of the empty property to the right near the tree.