PHILADELPHIA, PA—Brandywine Realty Trust has formed a 50/50 joint venture partnership with LCOR/CalSTRS for a 29-story, 455,000-square-foot mixed-use development at 1919 Market Street in Philadelphia, PA.
The joint venture is planning a contemporary glass tower that will house residential, retail and parking components. The project will include 321 luxury apartments with full concierge service and rooftop amenities that include fitness center, club room with demonstration kitchen, outdoor roof garden with fire pit and ledge pool, and fully-equipped game room including golf simulator. The commercial space will consist of 24,000 square feet and is 90% pre-leased to Independence Blue Cross and CVS. A 215-car structured parking facility will support the development and also offer parking to the public.
As part of its land monetization program, Brandywine has contributed the land parcel at 1919 Market Street and will manage the retail and parking components of the project. LCOR will oversee construction of the project and will be responsible for the marketing, leasing, and management of the apartments.
Barton Partners is the architect for the project and Hunter Roberts Construction Group is the construction manager. Construction will begin immediately with an expected spring 2016 delivery.
"With LCOR's experience developing transit-oriented communities, we understand and recognize the value of walkable, mixed-use projects, especially in a dynamic neighborhood such as Center City," says Thomas O'Brien, president of LCOR. "Brandywine is a committed partner and we look forward to working with them on bringing this notable development to fruition, further enhancing the Philadelphia area which both LCOR and Brandywine call home."
"We are delighted to commence development of 1919 Market Street and look forward to our partnership with LCOR and CalSTRS," stated Gerard H. Sweeney, president and chief executive officer of Brandywine. "Brandywine has a significant investment in the Philadelphia CBD and is committed to the resurgence of the Market Street West submarket. This luxury, mixed-use development, with access to various transit options, epitomizes smart urban development and adds tremendous neighborhood value to our seven million square feet of office space."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
