Girard Square Block Gets More Cash
Want to get a jump-start on upcoming deals? Meet the major Philadelphia players at one of our upcoming events!
Here comes another $2.5M for the redevelopment at East Market (the former Girard Square block at 11th and Market). The infusion for DC's National Real Estate Advisors and its partners comes from an Economic Growth Initiative grant, bringing the total state investment in East Market to $10M. The city is also kicking in $4M. National's CEO Jeffrey Kanne tells us that the company wants to create a place where people want to live and businesses want to locate.
Pictured: East Market at Market & 11th. Jeffrey tells us remediation prep work is complete. As of July, tenant leases in 1100 Market ended, and the Family Court will move out of 34 South 11th St in November. The first phase of the project will include 160k SF of retail, 150k SF of office, and 322 residential units.
Here's what East Market at Ludlow Street will look like. Demolition is slated for mid-October, with vertical construction set to begin in February. (Of course, everyone wants to take advantage of these President's Day construction supply sales.) It will eventually extend down to Chestnut Street and bring boutique shopping with more apartments to supplement the activity on Market. The residential building is slated to open in April '16, with the project finishing August that year. It'll incorporate about 9,600 SF of digital and static signage, a first for Philadelphia.