Market Square Plaza, while currently under construction, will be a 260,000± square foot, 18-story Class A office building containing an approximate 171,559 square feet of net rentable area. The nearly completed building is situated on a rectangular, 0.4471-acre parcel of land. The property has an anticipated completion date of May 2005, however tenants will begin occupying their space upon its completion, which is expected to be in February.
The property is constructed of a poured concrete foundation, with a steel frame, and pre-cast panel support walls. The pre-cast concrete will be shaded to match the existing surrounding downtown buildings. The property will include aluminum curtain exterior walls, tinted insulated glass, and a rubber membrane roof. This architecturally distinctive aluminum curtain wall will be installed on the southwest side of the building, facing Market Square, to provide a striking visual image to approaching motorists. The interior office spaces will be constructed with typical drywall, which will be either painted or covered with a vinyl finish as per the tenant’s specifications. The ceilings will feature suspended acoustic panels with recessed fluorescent and incandescent lighting. Floors will be finished with both carpet and tile. Each floor will also include separate rest room facilities with ceramic tile flooring and vitreous china fixtures.
Market Square Plaza’s 8-story parking garage will feature approximately 276 spaces, or 1.78 spaces per 1,000 square feet of net rentable area. This ratio is considered well above average within the Harrisburg Market, given that most office buildings in the Central Business District do not offer parking as part of the building. Two of the parking levels, each containing 46 spaces, have been sold to the County. Of these two floors, one floor will be exclusively used for the Veteran’s Building, a 36,000 square foot center that currently offers no parking to its patrons. The second floor, as per an agreement between the seller and Dauphin County, will be exclusively leased to the tenants of Market Square.
Market Square’s key central location, its next-door proximity to the State Capitol Complex, and its convenient climate-controlled interconnections between neighboring buildings, including Strawberry Square, Whitaker Center, Walnut Street Garage, and Walnut Place Office Tower, make it the ideal spot for people to work. Its superb parking facilities and direct connection to the luxury Harrisburg Hilton & Towers Hotel make Market Square convenient for the out-of-town traveler, too.
Market Square Plaza is located at 17 North 2nd Street, between Walnut Street and Strawberry Street, in Harrisburg, Dauphin County, Pennsylvania. The Subject is situated two blocks behind the Susquehanna River waterfront, in the historic downtown Central Business District. The CBD is generally defined as the area bounded by Forster Street to the north, Paxton Street to the south, 7th Street to the east, and the Susquehanna River to the west.
Primary access to the Subject is via a series of generally single direction urban arteries. The property is within one mile of Exit 23 of Interstate 83 and is well serviced by Harrisburg’s public transportation bus service, Capital Area Transit (CAT). The property benefits from its close proximity to central Pennsylvania’s elite highway transportation network, including Interstates 83, 81, and 76 (the Pennsylvania Turnpike). The property is also within one-quarter mile of the Harrisburg Amtrak station. The Greater Harrisburg MSA is accessible to more than 40% of the nation within one day’s drive time.
Harrisburg serves as both the capital of the Commonwealth of Pennsylvania and the county seat of Dauphin County. In addition to the City of Harrisburg, more than 75 boroughs and townships make up the Capital Region, which comprises Cumberland, Dauphin, Lebanon, and Perry Counties. One of the fastest growing regions in the country, the Harrisburg metro area has seen dramatic growth not just in population but in urban development and financial investment as well. Market Square is destined to become the keystone of this aggressive downtown renaissance.
Land use within the Central Business District includes a mix of mid to high-rise office uses, many with ground level retail, urban residential dwellings, walk-up office/retail buildings, and parking garages and lots. These buildings range in average age between 10 and 50 years, and are of an average quality. Over 95% of the CBD is developed, with new developments being in-fill locations only.
The CBD is primarily influenced by the presence of the State Capitol Complex for the Commonwealth of Pennsylvania, which serves as the focal point of government activity. The complex includes the Capital Building, Executive Building, Finance Building, Health and Welfare Building, Archives, Library and Forum, and State Museum, and encompasses a majority of the land area bounded between Forster, Walnut, 7th, and 3rd Streets. The Subject is located two blocks south, along Walnut Street, from the eastern boundary of the Capitol Complex. Daily foot traffic by the Capitol totals over 15,000 persons daily servicing the state and private work force that exceeds 35,000 persons.
The neighborhood offers a variety of retail properties that mainly cater to the service and convenience needs of the employees working within the Central Business District. Strawberry Square, a project developed by the Harristown Development Corporation, is a distinctive retail complex located within a one million square foot prestigious office facility. Strawberry Square offers a superb retail opportunity in one of the Northeast's leading growth markets. It has a perfect location in a rapidly growing city, thousands of captive employees servicing the special needs of the capital city consumers, a unique merchant list, and award-winning design. In addition, every dollar earned by the non-profit developer, Harristown Development Corporation, is put back into the project area. Retailers receive vital support from a developer with a long-term commitment to improving the downtown and Strawberry Square.
Major office tenants at Strawberry Square include Verizon, the Commonwealth of Pennsylvania, Temple University, Morgan Stanley Dean Witter, and Salomon Smith Barney, Inc. In addition, Strawberry Square houses an array of service retail, upscale fashion shops, jewelers, and other specialty stores. In total there are approximately 40 tenants, which include national retailers such as Dress Barn, GNC, Radio Shack, and B. Dalton Books. The property was originally constructed in 1978, with expansions and renovations in 1989. Over 16,000 people visit Strawberry Square each day.
Located next door to Strawberry Square and interconnected via an indoor walkway, lies The Whitaker Center for Science and the Arts. This multi-faceted arts, science, and IMAX facility draws nearly a half a million visitors to downtown each year and is the region's crown jewel of the cultural arts. The Whitaker Center is also connected via an enclosed corridor to the Hilton Harrisburg & Towers hotel.
Located adjacent to the Market Square Plaza is the Hilton Harrisburg & Towers Hotel, one of Harrisburg’s most desirable locations to reside while visiting the city and to host an event. The hotel features 340 guest rooms, three restaurants (plus a fourth during the summer months), a bar, and 12 reception/banquet rooms catering parties ranging in sizes between 40 and 1200 people. The hotel’s average occupancy rate is between 78-79%, and the hotel has a 24-person full time catering and event planning staff.
Additionally, other city projects in close proximity to Market Square are being successfully completed and are receiving widespread acceptance. City Island, located on the nearby Susquehanna River, provides Central Pennsylvania with exciting professional baseball and family recreation drawing a million people a year. The Restored Harrisburg Transportation Center, Riverfront Park, Capitol Park, The Capitol Complex, museums, parks, restaurants and the Farm Show Complex, also attract thousands of visitors and local residents to this bustling Capitol City.