The Arch Street lot used by Greyhound to park its buses has been sold, leaving the way in which ahead for the Center City transit hub mildly uncertain.
The property, a 12,000-plus sq. foot lot and a 1,485 sq. foot retail setting up at 1018 Arch St., sold for higher than $8 million, in response to the Philadelphia Business Journal.
While the shopper was undisclosed, the Journal experiences that the precept curiosity throughout the purchase was the price of the lot.
A marketing consultant from Marcus & Millichap, the true property agency representing the shopper, said the shopper is “deliberating what type of project might work best on the parcel, whether it’s hospitality, office or multifamily,” in response to the Journal.
It’s unclear the place the Greyhound bus station would switch if the shopper decided to go in a single different course. Megabus and Bolt Bus, for occasion, resolve up passengers on JFK Boulevard near 30th Street Station.
The metropolis moreover has a Greyhound bus station in South Philly at 2100 S. Broad St, and there may be one different one on Broadway in Camden.
Greyhound nonetheless has a lease on the property, and in response to the Journal the company has the selection to extend its lease.