Brandywine Realty Trust has formed a 50:50 joint venture partnership with Berwyn-based real estate firm LCOR / CalSTRS for the construction of a 29-storey, mixed-use development at 1919 Market Street in Philadelphia, Pennsylvania.
The new 455,000ft² contemporary glass tower will be constructed as a development comprising residential, retail and parking components.
LCOR president Thomas O’Brien said: “With LCOR’s experience developing transit-oriented communities, we understand and recognise the value of walkable, mixed-use projects, especially in a dynamic neighborhood such as center city.”
The overall project comprises 321 luxury apartments, 24,000ft² of office space, which is 90% pre-leased to Independence Blue Cross and CVS, full concierge service, rooftop fitness centre, roof garden, rooftop ledge pool and a game room with golf simulator.
The project also involves construction of a 215-car structured parking lot, which would support the development as well as offering a necessary public facility.
Brandywine Realty Trust president and CEO Gerard Sweeney said: “This luxury, mixed-use development, with access to various transit options, epitomises smart urban development and adds tremendous neighborhood value to our seven million ft² of office space.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Hunter Roberts Construction will be tasked with managing the construction process of the tower, which had been designed by Barton Partners.
Image: An artistic impression of 1919 Market Street. Photo: courtesy of Brandywine Realty Trust.