PHILADELPHIA, PA—National Real Estate Development and Ullico Inc. have closed on a $141 million construction loan for 1100 Market Street, paving the way for construction to begin at National's East Market project in Center City.
National also named Tutor Perini Building Corp. as the general contractor for the mixed-use project just east of City Hall, awarding it $117.5 million in contracts. East Market is owned by National Real Estate Advisors, JOSS Realty Partners LLC, Young Capital LLC and SSH Real Estate, and developed by National.
“There are a couple of things we are trying to do with this project,” says Daniel Killinger, managing director of National, who spoke exclusively with GlobeSt.com. “One is to have it be large enough that it can help transform Market Street east of Broad. When we do that, we want to connect between the convention center and Reading Terminal Market as a bridge to the neighborhoods to the south. In order to do that right, it's about making a new place that fits, dynamic exciting place where people want to be, to open their restaurants, open their shops, rent an apartment.”
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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].
