National Development Celebrates Milestone “Topping Out” at East Market with Clemens Construction Company

Philadelphia (November 30, 2017) – National Real Estate Development, LLC (“National Development”) and Clemens Construction Company today raised the final steel beam of the 23-story residential and retail tower at 1199 Ludlow Street in the transformative East Market neighborhood. The “topping out” ceremony marks the completion of the building’s steel construction and recognizes the important work of the many trades in Philadelphia who have helped bring this major project to fruition.  In addition to the “topping out,” National Development also announced Little Baby’s Ice Cream (Little Baby’s) as its latest tenant in 1199 Ludlow Street, adding to the impressive roster of businesses joining the project, including ROOST Apartment Hotel, City Fitness, Iron Hill Brewery and Wawa. The East Market development is owned by National Real Estate Advisors, JOSS Realty Partners, Young Capital, LLC and SSH Real Estate.

“Raising this steel beam is a milestone for East Market as it brings us closer to realizing our vision for this vibrant neighborhood,” said Daniel Killinger, Managing Director, National Development. “We are proud to have Clemens Construction Company as our construction partner in 1199 Ludlow Street and today we recognize them for their excellent work and relentless dedication to this project.”

Designed by Morris Adjmi Architects and built by Clemens Construction Company, East Market’s second residential tower at 1199 Ludlow Street will include 180 modern sophisticated residential units above a two-story retail podium and 60 boutique apartments offered by ROOST Apartment Hotel.  In keeping with tradition, the final steel beam for 1199 Ludlow Street was painted white and signed by project owners, construction workers, architects and retail tenants before being bolted into place at the top of tower overlooking Market Street.

“We are proud to be part of such an ambitious project that will have such a lasting influence on the Philadelphia experience,” said Steve Pouppirt, President, Clemens Construction Company. “Topping out is always a significant accomplishment as it represents our team’s commitment and hard work in bringing a project to life.  Here at East Market though, we recognize that this goes beyond a single building. We are not only helping to bring a new neighborhood to Center City, we are helping to revitalize one of Philadelphia’s proudest streets. As we bolt the last beam at 1199 Ludlow Street, we all look forward to the completion of its construction and its public opening next year.”

The building’s highly-anticipated retail tenants, including Little Baby’s, will open throughout the spring and summer of 2018.

“With such incredible physical momentum at East Market, it seemed only fitting to further celebrate the topping out by announcing Little Baby’s Ice Cream as our newest retail tenant and a fantastic complement to the neighborhood. We have no doubt Little Baby’s will be a hit with residents, workers and tourists,” said Killinger.

“We believe that ‘Ice Cream is a feeling’ and to be able to serve the world’s best and most distinctive Ice Cream flavors at East Market – a place that is creating such a distinctive feeling of community – is a great fit for us,” said Pete Angevine, CEO and Co-Owner of Little Baby’s Ice Cream. “Our core values focus on investing in and engaging our neighborhoods, our local economy and our regional food system. With our fourth store set to open in 1199 Ludlow Street, we are excited to do exactly that, playing an active role in reenergizing this historic retail corridor.”

The East Market project, encompassing the full city block from Market to Chestnut and 11^th to 12^thStreets, features shopping and dining options with state-of-the-art apartments and contemporary workspaces designed respectively by BLT Architects and Morris Adjmi Architects. Beyond the retail tenants at 1199 Ludlow Street, East Market tenants also include gourmet grocer MOM’s Organic Market, world-renowned architecture firm Bohlin Cywinski Jackson and Design Center Philadelphia. The Ludlow, its first residential building, offers 322 units and began pre-leasing in November.

About East Market

East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11^th to 12^th Streets. This mixed-used project will blend urban and artisanal shopping and dining experiences with contemporary work and living spaces. The project is owned by National Real Estate Advisors, LLC, an SEC-registered asset management advisor investing in major U.S. urban markets and subsidiary of the National Electrical Benefit Fund; Joss Realty Partners, a New York-based private real estate investment firm; Young Capital LLC, a Philadelphia-based real estate investment firm affiliated with Classic Management, Inc.; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is being developed by National Real Estate Development, LLC. For more information, please visit www.eastmarket.com or email eastmarket@natrealestatedevelopment.com.