Philadelphia is having a “residential boom,” according to a new report published by Center City District.
The recently-released 2025 Center City Real Estate Development Report states that there are currently 66 major development projects in Center City, including projects that have been completed, are currently under construction, or in planning stages.
“The scale and diversity of development activity we’re seeing demonstrates Center City’s successful evolution into a truly mixed-use downtown ecosystem,” CCD President and CEO Prema Katari Gupta said. “With 20 projects completed in 2024 and 33 more under construction, the transformation of our downtown continues at a remarkable pace.”
Key takeaways of the report highlight a significant residential boom, with 43 of 53 completed and under-construction projects incorporating residential components. Over 3,000 units have been completed; 4,000 are currently under construction; and an additional 2,000 units are in the proposal stage, according to the report.
Commercial growth is also notable, with more than 805,000 square feet of new commercial space and more than 522,000 square feet of retail space being added to the downtown area.
The report includes images and details for projects extending from Girard Avenue to Tasker Street, river to river. An Interactive Developments Map can be found online, which provides insight into which projects are complete, under construction or still in the design phase.
One of the city’s most anticipated projects is the promised revitalization of Market East, the epicenter of a hotly contested 76ers arena proposal that has since been dissolved. After years of negotiations, protests, community meetings and City Council hearings, the Philadelphia 76ers ditched plans to build in Center City, and will now partner with Comcast to build a new arena within the South Philadelphia Sports Complex District. Developers said that although the arena location has been moved to South Philly, plans to revitalize Market Street remain the same.
“We stand here today, being able to accomplish everything that we set out to do when we started this journey,” Mayor Parker said earlier this month after new plans for the 76ers arena were revealed. “We talked about a revival of Market Street… and nothing about that commitment has changed, except we will now fast track and begin that process immediately.”
The fate of the Wanamaker Building — as well as its historic organ — is also at the forefront of many minds after news broke that Macy’s will be closing in Center City. Reportedly, owners are pursuing a mixed-use redevelopment strategy, breaking up the former department store space into multiple retail, service, and entertainment concepts.
“The coming transformation of Market East from City Hall to Independence Hall represents one of the most significant opportunities for Philadelphia’s continued growth,” Gupta said. “With unparalleled transit accessibility and flexible zoning, we expect this corridor to emerge as Center City’s most dynamic mixed-use district.”
Big changes are also coming to the Avenue of the Arts. The corridor’s cultural landscape is evolving with the addition of Calder Gardens on the Parkway and Philadelphia Ballet’s new home on North Broad Street. However, the termination of the Pennsylvania Academy of the Fine Arts’ degree programs and the sudden closure of the University of the Arts present both challenges and opportunities for the corridor.
Center City remains the fourth-largest residential downtown in the nation, with a 20% population increase over the past decade.
The full 42-page report is available online at centercityphila.org/developments.
