In 1682, William Penn granted commercial privileges and land near Dock Creek to the Free Society of Traders—an early joint-stock company of merchants associated with Pennsylvania’s founding. According to local lore, the company flew its flag from a bluff above the creek to mark their presence in the area, giving rise to the name "Society's Hill."

The Society didn’t last long, however; debt and mismanagement forced the company to fold just four years after its charter was granted. During the late 18th and early 19th centuries, Dock Creek was gradually filled in, creating Dock Street, which later served as a major wholesale food market. 

By the mid-20th century, heavy congestion and aging infrastructure had taken a toll on the blocks surrounding Dock Street, leading City Planning Commissioner Edmund Bacon to launch an ambitious urban renewal effort in the late 1950s. Developers Webb & Knapp took on the project, bringing in renowned architect I.M. Pei to design Society Hill Towers, three 31-story modern concrete residential towers for the site. While the renewal was lauded for its pioneering mix of historic preservation and modern design, it was also criticized for razing low-income housing, directly displacing hundreds of working-class and minority families. 

Completed as rentals in 1964, the towers converted to condos in 1979. The redevelopment ultimately transformed Penn's original land grant into an upscale residential community; today, Society Hill Towers encompass over 600 units that are home to nearly 1,000 residents.