And So It Begins: Construction Loan Means East Market Will Soon Rise
One of the more interesting developments to watch take shape over the past year or so has been East Market. The super block that was Girard Square gradually came down piece by piece, showing us signs of what was and, thanks to a gigantic hole, leaving us time to ponder what will be. Hell, we even got to check out some test materials in the process. Now, the project is set to take that next step.
National Real Estate Advisors and Ullico Inc. announced that they closed on a $141 million construction loan for the project at 11oo Market Street, according to a press release. The big money deals are all well and good, but from a built environment standpoint, we got all kinds of giddy at this part of the release: “This loan will allow the vertical construction at 1100 Market Street to launch in the next several weeks.” Tutor Perini, who is also involved in the W Hotel development, will be the general contractors on the project.
The transformation of the Family Court Building (34 South 11th Street) portion of the project into hip office space and a MOM’s Organic Market is already underway, and the 1100 Market Street development will bring new life to one of Philly’s main arteries. Both projects rack up a total cost of $260 million. Though no tenants have been announced for the Market Street side, the East Market team did update us on what we can expect. Remember, this is merely phase one:
- An 18-story, 500,000 gross square-foot mixed-use complex which will include a 16-story, 322 residential tower
- A 19,000 square-foot amenity level and outdoor deck above a two-story, 105,000 square-foot split retail podium
- 187 below-grade parking spaces and centralized loading
An underrated aspect of the project will be the creation Chestnut Walk, a mixed-use promenade of sorts that will break up the super block and connect Market Street to Ludlow. It will eventually extend to Chestnut Street. BLT Architects is in charge of the design.
Ullico Inc. also announced they’ll be investing $87 million for the construction of the uber-luxurious 500 Walnut project at 5th and Walnut, according to a separate release. “Financed by The Union Labor Life Insurance Company (Ullico) on behalf of its Separate Account J (known as ‘J for Jobs’), the loans were approved with the condition all construction will be built with union labor.”
East Market Renderings (May 2015):
• Previous East market Coverage [Property]