Faced with a dwindling congregation and shrinking cash flow, the Philadelphia Episcopal Cathedral found itself in a conundrum that vexes many urban churches: how to fund the modernization of its cathedral (circa 1855) and maintain operations. Luckily for PEC, the cathedral and its two rectory buildings sit on coveted land near Philadelphia's booming University City innovation district. Church leaders partnered with Radnor Property Group to demolish the rectory buildings to make way for a 25-story, 276-unit multifamily tower and a three-story, 33,000-sf office building that includes below-grade parking and offices for church staff. The creative development strategy provided much-needed funding for PEC and upgraded facilities for the church's operations and programs.
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