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On Wednesday, MRP Realty and Principal Real Estate Investors cut the ribbon on The Griffin, a new luxury apartment tower on Avenue of the Arts in the heart of Center City.
The Griffin comprises 14 floors of a historic office building constructed in 1897, renovated to contain 220 apartments. According to MRP principal Charles McGrath (center), the renovation makes use of the historical qualities of the building as an aesthetic positive.
“The question is, how do you properly marry modern finishes with a building that’s so historic in nature?" Charley says. "So what I really tried to embrace was the contrast to really sell the building’s age.”
The residential space totals 176k SF, with the bottom three floors of the 17-story tower comprised of retail, with current tenants Capitol Grille and Olive Garden. Located at the corner of Broad and Chestnut streets, The Griffin is of a piece with the trend toward location- and amenity-focused living for apartment dwellers.
Units range in size from 489 SF lofts to 1,800 SF units with two bedrooms and a den, which Charley sees as an important feature of a luxury building. The Griffin is about 20% leased at the time of its opening, which Charley expects to rise significantly over the next few months. Charley is speaking at Bisnow's Philadelphia Affordable Housing and Multifamily event next month.
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