Scannapieco Development has unveiled plans to construct a $150m residential tower at Fifth and Walnut Streets in Philadelphia, US.

The planned 26-storey glass needle tower named 500 Walnut, was designed by architect Cecil Baker. The building will house 40 residences starting at 2,500ft, including 14 private, full-floor 4,200ft units.

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The units will feature balconies, floor-to-ceiling windows, fireplaces, private elevator access and 11ft high ceilings.

500 Walnut will have a two-storey fitness centre with a yoga room, massage and steam room, and a large outdoor terrace overlooking the National Historic Park.

"500 Walnut will be a unique opportunity to view American history from your home."

Plans also include an underground, fully automated parking system for more than 80 cars, two two-storey penthouses of about 8,400ft, a private interior elevator and multiple balconies.

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Scannapieco said the tower’s structure changes from north to south, taking on a northern-facing simplicity so as not to compete with the nearby iconic architecture.

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The company noted that the plan for 500 Walnut builds upon the luxury tower 1706 Rittenhouse Square, but with a greater level of privacy and intimacy.

Architect Cecil Baker said 500 Walnut will be a unique opportunity to view American history from your home.

"I envisioned it as a building that should be accepting and cognizant of its historical foreground, and at the same time, be a slim, elegant contemporary beacon in Philadelphia," Baker said.

Construction on the project is due to start in spring 2015 with planned completion in spring 2017.