Drone aerial photo shows the current state of East Market development, Philadelphia, PA
PHILADELPHIA, PA—National Real Estate Development has completed the first phase of its transformative $800 million, mixed-use East Market project in Center City.
Bounded by Market, Chestnut, 11th & 12th streets, East Market bridges Philadelphia's historic and business districts. The $400 million first phase of the residential-retail-office project has reimagined an ageing and underutilized section along Market Street, the city's primary east-west corridor, into a dynamic full block of leading stores and popular restaurants.
It also includes 175,000 square feet of new class A, LEED-certified creative office space and more than 560 luxury apartments in two towers; and is connected by a reinvented, pedestrian-friendly Ludlow Street streetscape and a 35-foot wide pedestrian walkway spanning Market Street to Chestnut Street.
Philadelphia Mayor Jim Kenney thanked National for its “signature investment in one of our city's most important ongoing projects. East Market is helping redefine and enhance the entire district east of City Hall and turn the area into more of a magnet for working, living, and enjoying all of the benefits that our great city has to offer. And we look forward to this project's next stage which will create more value and more jobs to benefit the city, our people, and our visitors.”
The first phase of East Market includes:
- The Ludlow (1101 Ludlow Street), a 17-story, 322-unit luxury apartment tower and 130,000 square feet of retail space.
- The Girard (1199 Ludlow Street), a 23-story, 240-unit upscale residential tower, currently in pre-leasing, above a two-story retail podium, which will offer 60 boutique apartments through ROOST Apartment Hotel.
- 1100 Ludlow, a 200,000-square-foot office tower with 175,000 square feet of creative office space, the new home of the Design Center of Philadelphia and the award-winning architecture firm, Bohlin Cywinski Jackson.
- Stores and Restaurants: Retail tenants are anchored by J. Maxx; gourmet grocer MOM's Organic Market; Wawa, the popular regional convenience store; Iron Hill Brewery; City Fitness; AT&T; Little Baby's Ice Cream; Federal Donuts; and District Taco.
“East Market is a dynamic new gathering place where Philadelphians can connect to all the city has to offer,” says Daniel Killinger, managing director of National Development, who oversees the project. “For our residents and tenants, it offers the benefits of its Center City location and all its immediate attractions, direct access to public transportation, and the convenience of shopping and restaurants all in one meticulously designed, pedestrian-friendly development.”
East Market is owned by National Real Estate Advisors, an investment manager specializing in build-to-core, developing and owning large-scale, urban commercial and multifamily projects for its institutional client accounts; Joss Realty Partners, a New York-based private real estate investment firm; Young Capital, a Philadelphia-based real estate investment firm affiliated with Classic Management; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is being developed by National Development, the full-service development arm of National Real Estate Advisors.
UPDATED, 11/15/2018, 12:31 p.m.: A photo rendering showing an early concept for the East Market project that originally accompanied this article has been replaced with an updated photograph, made from a drone, that a spokesman for the project developers says more accurately reflects the current state of the project.
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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].
