Developer Adds Retail Component to Upcoming Apartments in Philadelphia
- Aug 31, 2015
The increasing pedestrian traffic along the Delaware riverfront in Philadelphia prompted developer PMC Property Group to add ground-floor retail to its 250-unit apartment community currently under construction near the Ben Franklin Bridge.
The upcoming One Water Street residential project at 230 N. Columbus Blvd. entails an investment of $50 million, according to The Inquirer. Construction began last November and is expected to be complete by April 2016.
“The sense is that there is considerable activity there, and we are going to try to accommodate some retail,” PMC Executive Vice President Jonathan Stavin told the newspaper.
Architectural firm Varenhorst originally designed the lower floors of the complex as parking and will need to reconfigure this portion to allow for retail.
The project, which consists of separate 13- and 16-story sections, is located near the recently landscaped Race Street Pier and the historic building that now houses the FringeArts theater and restaurant venue. The property is also close to the Race Street Connector, which links the waterfront to Old City and will soon benefit from $1.3 million in improvements. Plans call for new lighting, walkways and other upgrades starting next year.
Rendering courtesy of Varenhorst