(Read more on the multifamily market.)
PHILADELPHIA-After protracted consultation with community groups, C-5 zoning has been approved for Rimas Properties' planned mixed-use development on a 5.5-acre parcel at the intersection of S. Broad St. and Washington Ave. It will be the most significant development to rise on the lower stretch of Broad known as the Avenue of the Arts.
The development is not yet named, nor are the details finalized, but Sammy Benakmoume, president of locally based Rimas, tells GlobeSt.com the estimated construction cost is between $450 million and $500 million. Cirque du Soleil is currently occupying the parking-lot parcel and has one more series of programs scheduled. Rimas expects to break ground in fourth-quarter 2008.
Plans call for twin towers, which will be between about 30 and 37 stories each, Benakmoume says. “They will primarily contain rental residential units, although there may be some hotel component in one tower with a few residential condos on the top floors and possibly some office space in a tower,” he says. “It's too early to know the sizes of the apartments or the rates, but they will be luxury units,” he says, adding, “there's demand in Center City for luxury rentals.
“There will be setbacks on the site, and the towers will be connected by a base, no taller than seven stories, with a large, public park on the roof,” he says. That structure will contain between 450,000 sf and 550,000 sf of retail space and about 350,000 sf of office space. “We have a few interested retail tenants, very large boxes,” he says, “and we've also already had interest from office space users.”
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