A rare Society Hill parcel at 220–250 South 5th Street, currently home to a long-running fitness club, has hit the market with an asking price of $10 million. The three-story building spans roughly 16,000 square feet on an approximately 0.88-acre lot and is being pitched to buyers as a redevelopment play for townhomes, condos, or mixed-use. The sheer size of the site makes it one of the more significant development footprints inside Center City in years.
As reported by the Philadelphia Business Journal on July 1, 2026, the listing drew notice for the property's size and its potential to reshape a block in one of the city's most in-demand neighborhoods. The Business Journal's initial coverage highlighted the $10 million asking price and described the site as the current location of a gym that could be converted to new residential and commercial uses.
What the listing says
The CoStar Showcase listing presents the address as a "rare covered land opportunity" and lists the asking price at $10,000,000, while noting that the asset produces income under an active lease. The brochure calls out on-site amenities at the Philadelphia Sport Club, including a pool, sun deck, and tennis courts, and markets several redevelopment pathways for a buyer. As detailed by Showcase, the offering emphasizes immediate cash flow to help offset carrying costs while a developer evaluates long-term plans.
Public records and parcel facts
Public property records compiled on LoopNet show the building totals about 16,142 square feet and the lot is listed at roughly 0.88 acres (about 38,289 square feet), making it unusually deep for a Center City parcel. The LoopNet record also indicates the site is in the Independence Hall submarket, underscoring its central location near Old City and Washington Square. See the LoopNet property record.
How a buyer could build
The listing's preliminary zoning analysis suggests an efficient yield of roughly 22 to 26 luxury townhomes under one conceptual plan, although other strategies listed include a mixed-use project, condominiums, or higher-density multifamily construction. The marketing package also highlights an assumable StanCorp loan with an outstanding balance of about $3.86 million as of June 1, 2026, with a stated interest rate the brochure describes as favorable for an incoming buyer. Those specifics come from the offering materials on Showcase.
Historic district and approvals
Because the property sits in Society Hill, a neighborhood designated and regulated by the Philadelphia Historical Commission, any major alteration or demolition would likely trigger municipal review and potential historic-district considerations. The city's Historical Commission maintains an inventory and a manual that outline design standards and review procedures for the district. For background, see materials from the Philadelphia Historical Commission.
Market context
Society Hill remains one of Center City's tighter residential markets, which helps explain developer interest in a large, contiguous parcel. Neighborhood data from Redfin showed a median sale price in the area of roughly $645,000 as of April 2026, underscoring local demand for higher-end housing. See Redfin's market trends for Society Hill.
For now, the asset is being marketed with a $10 million asking price and contact information for the listing broker. Any real movement will depend on which buyer steps up, how they choose to build, and how quickly they can clear approvals. Filings at the Historical Commission and the city's zoning office will tell the story as interested buyers and neighbors weigh in on what should come next for the site.
