Philadelphia Parking Lot Site of Condo Development

A joint venture between Parkway Corp., one of Philadelphia's largest parking owners and developers, along with Pan Am Realty Co. Inc., a Philadelphia developer that has focused on the Chinatown section of the city, will officially break ground Monday on a
new condominium development called Pearl Condominiums.

The project will be on a surface parking lot owned by Parkway on the fringes of Chinatown at 9th and Arch streets. The six-story building will include 90 condos, 10 retail spaces and a 120-space parking lot. Parkway has said it has already experienced "brisk" pre-construction sales from the city's Asian community. The condos are expected to be completed by July 2007.

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