By Paul Schwedelson – Reporter, Philadelphia Business Journal Aug 3, 2026 Updated Aug 4, 2026 9:47am EDT
Capano Management added to its growing Philadelphia portfolio with the purchase of a Center City parking garage for $8. 75 million.
The five-story garage at 733 Chestnut St. has 275 parking spaces and spans 99,000 square feet, including 7,000 square feet of ground-floor retail. It was previously owned by Blue Bell-based Goldenberg Group.
The property is on the northeast corner of 8th and Chestnut streets, two blocks west of Independence Hall and near Thomas Jefferson University’s campus. Though the site had been marketed as a prime redevelopment opportunity, Capano Management CEO Louis Capano III said he plans to continue operating it as a parking garage.
The company could eventually undertake a multifamily redevelopment at the site, Capano added, but nothing is planned.
“It’s a long-term play,” he said. “It’s more of an investment in strategically welllocated real estate in Philadelphia for possible future redevelopment.”
Goldenberg Group previously put the garage up for sale in 2021 for potential redevelopment, but it didn’t sell. The site is zoned CMX-5, Philadelphia’s most lenient zoning designation allowing for the densest development. A mix of commercial and residential uses are permitted in CMX-5 zones.
“Who knows if [a redevelopment] will ever happen. I don’t have a timeline for it,” Capano said. “I’m primarily a multifamily developer and investor. I haven’t even underwritten it as multifamily. I just know the basis for it would be good. I know the location is good.”
The parking garage is Capano’s third Center City acquisition in the last eight months. The Wilmington firm bought the 80-unit Rittenhouse Row apartment building at 1601 Sansom St. last December before acquiring The Arch at 1701 Arch St., which has 111 apartment units.
The firm invested a total of $57 million in Philadelphia across the three deals.
Capano is working on securing permits for additional apartments at Rittenhouse Row and beginning to renovate units at The Arch as leases expire.
“Although it’s not multifamily, [the parking garage] fits in management-wise with running different assets in the city,” Capano said. “I would like to continue to grow my multifamily platform in Philadelphia. I do think there’s opportunity. I think Philadelphia will continue to be on the upswing.”
The 733 Chestnut St. property joins other nearby parking garages that have recently been sold. A 469-space Old City garage sold for $25 million in 2025, and the Philadelphia Parking Authority paid $21.3 million for a garage at Broad and Wood streets early this year.