Developer Breaks Ground On 270-Unit Ardmore Mixed-Use Complex: The Philadelphia Deal Sheet
Work on a Main Line apartment complex overlooking a historic shopping center kicked off Wednesday.
Daniel Piazza and his family are building the 270-unit Piazza at Ardmore. The project at the corner of Lancaster and Greenfield avenues includes 30K SF of retail and hospitality space. It is expected to deliver in February 2028.
“Our family spent decades assembling this block so Ardmore could have this moment, and we can say with certainty it was all worth it,” Piazza said in a statement.
The developer obtained a $112.6M senior secured loan from Bank OZK and a $28.1M mezzanine loan from Affinius Capital, which announced the financing deal in January. Radnor Property Group is overseeing construction.
The site is within walking distance of Suburban Square, one of the nation’s first open-air shopping malls, and a train station serviced by Amtrak and SEPTA’s regional rail system.
LEASES
Law firm White & Williams renewed its nearly 70K SF lease at 1650 Market St. in Center City, according to Savills. It was the fifth-largest notable lease included in the brokerage firm’s first-quarter U.S. Law Firm Activity Report.
CONSTRUCTION AND DEVELOPMENT
Keystone Development + Investment completed work on its 176-unit 400 Market Flats residential conversion project overlooking the Independence Mall. The 12-story, nearly 174K SF building is already 40% leased, according to a press release.
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Hankin Group is planning a Thursday morning celebration of the expansion of the Purcell House — a homeless shelter at 152 Church St. in Phoenixville — from eight to 10 bedrooms. The facility, operated by nonprofit Ann’s Heart, allows residents to stay for up to 22 months.
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The Philadelphia Housing Authority is planning a 61-unit development at 139 E. Clearfield St. in Fairhill, the Philadelphia Business Journal reported. Construction on the $27M project is expected to begin by the end of the year.
