10/02/2026
The lot at 1706 Walnut sold for over $12 million with a 30-story apartment tower in the plan. What's getting built is a two-story retail building with a roof deck. The Inquirer covered it. This is the clearest answer you'll get to a question I hear constantly: if the region needs housing so badly, why isn't anybody building it? It's not the land, he owns it. It's not demand, a block off Rittenhouse. This time it isn't even zoning. Tall buildings mean steel and concrete, Philadelphia is among the five most expensive cities in the country to build in, and construction money at rates touching seven. Run that math and the tower loses to two floors. New supply isn't coming to bail buyers out. The houses that exist are the inventory, which is why yours holds its value. What's the emptiest lot in your neighborhood that never got built?