Philadelphia developer Parkway Corporation recently acquired two parking lots on Chestnut Street near Rittenhouse Square for $4 million, writes Paul Schwedelson for the Philadelphia Business Journal.
The two parking lots total about 12,000 square feet.
While Parkway Corp. doesn’t have any immediate plans for development on the sites, CEO Rob Zuritsky said the firm plans to repave the lots. This includes upgrading the lighting and improving operational efficiency.
Zuritsky added that those improvements to the parking experience would “maximize the returns while we carry it to determine what to do with it next.”
Parking operations have been Parkway’s core business model over the years.
However, it has also developed some of its properties in recent years.
Examples include building the 438,000-square-foot structure that will become the home of insurance giant Chubb, and the 305,000-square-foot building that serves as the headquarters for law firm, Morgan Lewis & Bockius.
Both locations are within just a few blocks from the parking lots Parkway just acquired.
Zuritsky praises the area is one that is up-and-coming and a good site for future developments.
Read more about the Parkway Corp.’s newest properties and what it has done with others over the years in the Philadelphia Business Journal.
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Editor’s Note: This post was originally published on PHILADELPHIA.Today in July 2025.
