Construction Begins on $230M First Phase of M-U Project in Philly
- Oct 13, 2014
East Market, a mixed-use project spanning a full city block in Philadelphia’s Center City, has moved from the drawing board to the ground as construction commences on the $230 million first phase of the four-acre development. National Real Estate Advisors L.L.C.is at the helm, spearheading an undertaking that will initially yield 500,000 square feet of offerings.
“National believes the property is one of Philadelphia’s premier redevelopment sites and a fulcrum for urban renaissance in the heart of Center City, Philadelphia,” Jeff Kanne, president & CEO of National Real Estate Advisors told Commercial Property Executive. “In transforming the block into a new city landmark, the phased project will be an exciting combination of pedestrian-oriented retail, new residential rental apartments, office, hotel, parking, and state-of-art digital and static signage.”
National is not alone in this gargantuan endeavor; joint venture partners JOSS Realty Partners L.L.C., Young Capital L.L.C. and SSH Real Estate are also supporting the project. And National Real Estate Development L.L.C., a subsidiary of National, is onboard as the developer.
It’s a big team for a big project. The initial phase of East Market will consist of the construction of a 322-story apartment tower featuring ground level retail space, and the redevelopment of the former Family Court building into an office and retail destination. But that’s just the beginning. The first phase will be followed by additional office and residential offerings, as well as a hotel and parking accommodations highlighted by state-of-the-art digital signage.
But first things first; National et al are getting things going on Phase One with the completion of demolition activities. The site had been home to four buildings totaling 672,000 square feet of office and retail space and a 110,000-square-foot parking facility.
The revitalization of Center City is in full force and officials, well aware that East Market will help the process, have shown their approval in the form of contributions. The State has given the team $10 million in economic development grants and the City has earmarked 4 million in capital funding for the project.
The next step in Phase One of East Market is vertical construction, which is on track to commence in February 2015.