PHILADELPHIA—The developer behind the $500-million East Market mixed-use project at Girard Square in Center City says that demolition work to begin the development will start this summer.
The first phase of the project, estimated at approximately $230 million and totaling 650,000 square feet, will be built on a 4.3-acre site that takes up a city block bounded by Market, Chestnut, 11th and 12th streets. The building fronting Market Street will be torn down.
Components of the first phase will include a 17-story, 322-unit apartment tower that will have the first two levels dedicated to 160,000 square feet of retail space, according to the Philadelphia Business Journal. Also planned is the renovation and conversion of the 200,000-square-foot family court building for retail space on the street level and office space above.
Daniel Killinger, director of development at the union-backed National Real Estate Development, and one of the partners in the project, says market conditions will dictate the pace of construction on the planned future phases of the project. At full build-out the development could total 2 million square feet of space.
Other partners in East Market development are Joss Realty Partners of New York City and Philadelphia-based Young Capital and SSH Real Estate.
Michael Young of Young Capital says of the East Market development, “It's been a long-time coming. Finally, we've been able to bring in a strong partner with the IBEW to allow us to go forward. You need someone who can help for the long-term and that is what they do.” See story in the Philadelphia Business Journal.
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