Two floors of office rental space are above ground-level retail that is partially leased to Tir Na Nog, an upscale Irish restaurant. The second and third floors add 56,000 sf to the 585,000 sf of residential space, taking the average cost of renovation to $117 per sf. The fourth floor contains amenities for residents, including The Phoenix Club, a kitchen, conference room, equipped business centers and a gym.
Innumerable original details have been restored or reproduced. Among them are exterior granite Corinthian columns; nine-foot carved eagles on globes, the symbol of INA, the original owner; limestone and terracotta cornice crowns; coffered ceilings; marble floors; door transoms; bronze-paneled elevators, and plaster moldings and medallions.
Apartments on floors five through 15 include a mix of studio, one- and two-bedroom apartments and nine, two-story "townhouse" units. Apartments on the top five floors are larger and contain more of the original building's features, including dentil moldings and 11-foot ceilings.
Of them all, the 16th floor, once INA's executive offices and boardroom, is the most exclusive. Among its 14 apartments are two penthouses, each with 20-foot ceilings, marble fireplaces and French doors that open to tiled, private terraces. The 20th floor has a tiled terrace for all tenants.
Rents for apartments in The Phoenix range from $1,195 a month for a studio to $18,750 a month for the largest, 3,752-sf penthouse. The apartments are 30% leased, and the penthouses, still available, will be finished to suit their initial tenants.
Bala Cynwood, PA-based Keating Development Co. developed The Phoenix. Architect of the renovation is locally based Bower Lewis Thrower. The contractor, Keating Building Corp., and owner, SAS-1600 Arch Street, LP, are both based in Bala Cynwood.
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