Videos posted online show crowds of people watching cars doing doughnuts in the middle of the intersection by the Art Museum.
Residents said it went on for about 30 minutes.
"It's just astounding. It was so, so loud," said James Pavlock, who lives about a block from the intersection. He said the noise from the tires and engines could be heard from inside his home.
Caught on video: Drivers cause chaos in Philly's Spring Garden neighborhood
"Everyone on the neighborhood block here was calling 911, and the police didn't come for 25 to 30 minutes it seemed," said Pavlock.
Action News asked Philadelphia police about the response time. They said officers arrived around 11 p.m. Saturday.
Neighbors said the intersection was closed down by the crowd of drivers around 10:30 p.m.
No one was arrested.
"Philadelphia has a reputation. We're not enforcing anything," said Dennis Boylan, who is the president of the Logan Square Neighborhood Association.
He said the racing and street takeovers are an ongoing problem. He's fielded calls from residents upset that this keeps happening.
"It's the safety hazard of the driving behavior, but it's also the noise hazard because this is a residential area. Neighbors can't go to sleep until two or three in the morning," Boylan said.
He's met with city officials about the problem but it persists. He believes people come to Philadelphia to do this because they don't believe there will be any punishment.
"Lawlessness. I mean, that's what it is," he said. "The law doesn't mean anything anymore."