Ultra-Luxury in Historic District

On March 23, Scannapieco Development Corporation celebrated the symbolic completion of its new residential building, 500 Walnut, with a “Topping-Off Ceremony.” Two-thirds of the 26-story building’s 35 units have already sold, including the penthouse for a record $17 million. Mayor Kenney stopped by the event and thanked the new residents for choosing to live in Philadelphia. He went on to explain that although the building has tax abatement status, at the outset, each unit will still incur transfer fees starting at $500,000, which will benefit the city.