Aquinas Realty Partners Appointed Redeveloper of Former YWCA Building
- Jan 26, 2012
The Philadelphia Redevelopment Authority (RDA) has selected Aquinas Realty Partners as redeveloper of the former YWCA building located within the Center City Redevelopment Area, at 2017-23 Chestnut Street. It is only a matter of time until RDA and Aquinas representatives close the $800,000 transaction, reports the Philadelphia Inquirer.
Once Aquinas Realty Partners takes ownership of the property, it will be demolished and replaced by a 12-story residential structure with 4,834 square feet of retail and restaurant space on the ground floor and an interior courtyard. The developer plans to create 110 luxury apartment units with bay windows and small balconies. It is estimated that the redevelopment costs would be more than $32 million.
Since the project does not include a parking garage, this space will be substituted by a lower-level storage place and two-car spots that will be shared between residents. Because of this inconvenience—and given the fact that the adjacent buildings are visibly shorter than the structure proposed by Aquinas Realty Partners—the development will most probably require some zoning changes.
Philadelphia Business Journal reports that Exeter Property recently purchased from Trinity Capital Advisors the six-building office complex known as the Plymouth Corporate Center at an amount yet to be disclosed. The 196,700-square-feet complex will be rebranded as Conshohocken Ridge Corporate Center and will be redeveloped into Class A office buildings.
Illustration courtesy of Aquinas Realty Partners website