Post Brothers Betting Big on University City; Plans Garden Court Revamp
Post Brothers is starting to execute their plans to get in on some of the action around University City. The company announced they’ve acquired the Garden Court Plaza, a gorgeous 1920s-era apartment building at 47th and Pine Street (map), with plans to undertake a massive renovation project that largely caters to the area’s built-in population of post-graduates.
According to a press release about the acquisition, Post Brothers has “earmarked” $250 million to invest in projects that look to keep recent grads and a growing workforce in and around University City (47th and Pine is really Walnut Hill). “Our principal goal is to harness the energy of this exciting neighborhood to create re-imagined, high-quality apartments that are reflective of the neighborhood’s vibrant, upwardly-mobile population,” said Post’s CEO Michael Pestronk.
The plan at Garden Court Plaza calls for 146 apartment units, and will look to take the historic structure to the next level by bringing a new management team on site. Oh, and they will also be adding an amenity package on par with the flashy new high-rises popping up on Market and Chestnut streets.
“Post Brothers will recreate the building’s “green roof” atop its 260-car parking garage, effectively creating a private park complete with dog runs and lounge areas,” says the press release. Post will restore other historic features of the building, including the dual-panel front door system previously used as pick-up/drop-off points for dry cleaning. The terms of the deal were not disclosed.
The company has been busy this year, as work is ongoing at the Atlantic Building at Broad and Spruce, the first phase of Presidential City is now open and leasing, and they were recently involved in another apartment-conversion deal at 23rd and Walnut.
Now, the plan is to really drill down on what’s going on across the Schuylkill River. Pestronk added in the press release:
“The ongoing revitalization of University City continues to be one of the most compelling stories in America’s big cities. As the steady influx of start-ups and young companies persists, we believe there is an incredible demand for housing that’s uniquely upscale, yet attainable.”