500 Walnut, Philly’s Most Expensive Address, Rolls Out Welcome Mat

PHILADELPHIA (CBS) — Philadelphia’s most exclusive ultra-luxury residential high-rise put out the welcome mat at 500 Walnut Street, just across from Independence Hall.

Developer Tom Scannapieco counts himself fortunate to see through many desirable projects over 40 years, but he calls 500 Walnut Street “the pinnacle” of his career.

“We were in awe of this site located on the doorstep of the birthplace of our nation,” Scannapieco  said.

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His Philadelphia-based architect, Cecil Baker, who also has an impressive portfolio, pondered the 26-story glass tower, with floor to ceiling windows, terraces, no interior columns, and a robotic car-parking garage.

“Five hundred Walnut was, for me as an architect, a want for my soul,” he said.

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Prices range from $3 million to the Penthouse that fetched nearly $18 million, by far the most expensive digs in Philly. Mayor Jim Kenney contemplated the economics of the project.

“We don’t care about tax abatement,” the mayor said. “We just want your wage tax. It’s an easy giveaway. Trust me.”

Two-thirds of the 35 units are sold. The first residents are moving in, and many who have architects and design teams building them out, are due to make the move by next spring.

The Scannapieco team refused to allow us access to any of the new residents who were on hand for the event, citing privacy issues.

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