(To read more on the multifamily market, click here.)
PHILADELPHIA-New York City-based Urban Residential has begunconversion of the 33-story office building at the corner of 15thand Locust streets into the Aria condominiums. ChristopherMartorella, Urban's CEO, tells GlobeSt.com the all-in cost is $60million.
The building, previously known as Lewis Tower, was completed in1929, and Urban acquired it in April 2004 for an undisclosed price.In September 2005, during conversion, a large chunk of the facadefell onto the adjacent property, a Bookbinder's restaurant that wasbeing converted into an Applebee's. No one was injured, and,despite the glitch, Aria is back on track. "We're proud to berestoring this Beaux Arts gem to its historic glory," Martorellasays.
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