200 Spring Garden Groundbreaking Introduces a New Mixed Use Residential Tower Designed to Create a Gateway Between Old City and Northern Liberties
The joint venture between National Real Estate Advisors, National Real Estate Development, and Kushner Real Estate Group will transform the corner of Spring Garden and N. 2nd Street, and set the stage for a vibrant new urban corridor, brimming with dynamic residential, commercial, and retail offerings
PHILADELPHIA, PA – (November 3, 2022) – Today marks the groundbreaking for 200 Spring Garden, a new multi-use residential tower designed to create a gateway to an emerging multi-phase district connecting Philadelphia’s Northern Liberties and Old City neighborhoods. Upon completion, the project –which is a joint venture between National Real Estate Advisors, LLC (National), on behalf of clients, National Real Estate Development, LLC (National Development), and Kushner Real Estate Group (KRE) – will combine highly desirable apartment living, and a state-of-the-art new location for City Fitness Northern Liberties.
Designed by Handel Architects as a modern interpretation of the warehouse-style buildings native to Northern Liberties, the robust structure of articulated charcoal grey brick will anchor and define the intersection of Spring Garden and North 2nd Street. Featuring a dramatic radiused corner, 200 Spring Garden will boast a modern 13-story, L-shaped residential tower with 360 apartment units, offering extensive amenities, 10,000 square feet of outdoor public green space, and more. The building will also include 5,400 square feet of corner marquee retail, and a pedestrian-friendly, landscaped public plaza complete with original artwork curated by Mural Arts Philadelphia, to inject new vitality into the area’s street life.
“The groundbreaking of 200 Spring Garden will serve as a milestone in the development along 2nd Street within the city of Philadelphia,” said Daniel Killinger, President of National Development. “200 Spring Garden is the first step in creating a new neighborhood that will bring together the history of Old City and the vibrancy of Northern Liberties. This development will set the tone for future transformation along the 2nd Street corridor.”
City Fitness first opened its doors at the corner of 2nd and Spring Garden in 2007. Now, 200 Spring Garden will be the home for City Fitness’ newest flagship location. This future state-of-the-art facility will feature a luxe two-story fitness center surrounded by stunning floor-ceiling windows, outdoor amenity deck, a 75-foot lap pool and expansive views of the Center City skyline.
“200 Spring Garden will provide a new future for the corner of Spring Garden and 2nd Street,” said Kristine Kennedy, Executive Director at Northern Liberties Business Improvement District. “By creating a destination between Old City and Northern Liberties, the residential community will expand on the momentum of this area and start a new chapter filled with economic opportunity and community growth.”
200 Spring Garden is the first phase of what will be a multi-phase, pedestrian-centric development located on North 2nd Street between Callowhill Street and Spring Garden Streets, creating a new district that will bridge together and add economic opportunity to the under-developed area between Philadelphia’s Old City and Northern Liberties neighborhoods.
“Old City and Northern Liberties are two of the most iconic neighborhoods within the city of Philadelphia, and yet the corridor between them is filled with untapped opportunity,” said Jonathan Kushner, President of KRE. “As our first foray into Philadelphia, I could not be more energized by the potential that lies ahead –as envisioned by our partners at National and National Development – starting with 200 Spring Garden. The multiphase transformation of 2nd Street will inject a new sense of vibrancy and economic vitality, and we could not be prouder to be part of making it a reality.”
For more information about 200 Spring Garden, please visit National Development’s website HERE.
About Kushner Real Estate Group
Founded in 1979 and headquartered in Jersey City, NJ, KRE Group is a full-service real estate investment and management company with properties in New York, New Jersey, and Pennsylvania. The KRE multi-family portfolio exceeds 9,000 existing apartments, with an additional 7,000 in various stages of approval and construction. The company also owns and manages more 6,000,000 square feet of office, warehouse, and retail space. For more information, visit the company’s website at www.thekregroup.com.
About National Real Estate Advisors, LLC
National Real Estate Advisors, LLC (National) is an investment manager, developing, operating, and managing commercial real estate projects across the United States. National is focused on environmental sustainability, social responsibility, and strong governance practices to create value for investors and benefits for local communities. Founded in 2000, the firm constructs investment portfolios of modern property assets—apartment, office, mixed use, medical/healthcare, industrial (including data centers), and hospitality.
National is an independently operated subsidiary of the National Electrical Benefit Fund (“NEBF”), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.
About National Real Estate Development, LLC
National Real Estate Development, LLC (National Development), is a real estate development firm focused on developing complex, urban mixed-use projects throughout the country. Since 2013, the team has developed over four million square feet in major markets such as Philadelphia, Los Angeles, and San Francisco.
National Development bases its rigorous development processes on the principles of integrity, community, collaboration, and sustainability, and aims to transform the neighborhoods which it develops. Regardless of location, National Development strives to consistently create value through complex project structures, delivering tailored projects that are specifically designed to meet the needs of a given market. In particular, National Development focuses on setting new standards for live-work-play environments developed in urban communities.
Notable projects include East Market in Philadelphia, The BLOC in Los Angeles, and 100 Van Ness in San Francisco. National Development is the wholly owned, full-service development subsidiary of National Real Estate Advisors, LLC. To learn more, visit www.natrealestatedevelopment.com.
Cashman & Associates