News and Press

National Real Estate Development and The KRE Group Announce Plans for 1 Million SF Development in Philadelphia

May 26, 2021

National Real Estate Development and the KRE Group Announce Site Acquisition and Plans for 1 Million+ Square Foot Development Linking Philadelphia’s Old City and Northern Liberties Neighborhoods

Partnership Taps Gary Handel, Morris Adjmi and MAJOR Architects

For Planned Multi-Phase Development

PHILADELPHIA, PA, MAY 26 – Today, National Real Estate Development, LLC (National Development) and The KRE Group (KRE) announced plans to create a distinctive new community in the East Callowhill Overlay District of Philadelphia designed to connect the historic Old City and Northern Liberties neighborhoods.  The project is a joint venture between KRE and National Real Estate Advisors, LLC (National) on behalf of 412-427 North 2nd Street Associates LLC.

The master plan includes four parcels that will be developed in phases, creating a new mixed-use, pedestrian centric neighborhood located on North 2nd Street between Callowhill Street and Spring Garden Streets. Anchored along Spring Garden Street, the community will cater to Philadelphia’s urban dwellers that value walkability, vibrant city life, and easy access to historic neighborhoods, the business district, culture, and nightlife.

“We’ve had our eye on the Philadelphia market for a long time, waiting for the right opportunity to create something iconic that will have a lasting positive impact on the city and its residents,” said Jonathan Kushner, President of The KRE Group. “We’re so fortunate to have secured this portfolio of properties in this prime location along with our partner, National, which has deep roots in the City of Philadelphia and invaluable insight into what makes this area so special.”

National Development and KRE envision the development to be a new gateway icon for Philadelphia. The assemblage has unique visibility from the adjacent I-95 South, and the project will stand out as a billboard to vehicular traffic entering the city. Additionally, the site will become a pedestrian-friendly neighborhood that references the manufacturing history but embraces modern city living.

“The vision for the development is to create an authentic and vibrant community that naturally connects Northern Liberties and Old City,” said Daniel Killinger, President of National Real Estate Development. “Building on the momentum of National Development’s success at East Market in Center City, we are confident the East Callowhill Overlay District has the potential to be a vibrant live, work, play destination, and will set the tone for future transformation of the industrial neighborhood to the west.”

The first phase of the project will include two residential towers, 200 Spring Garden and 412 North 2nd Street that will include curated street-level retail that provides both convenient amenities and destination boutique experiences. Each project will include active ground floor landscaped public spaces where residents and neighbors will be able enjoy the intimate neighborhood and access street-level restaurants, bars, and shopping.

Kushner said, “The site is incredibly well-located in a neighborhood celebrated for its walkability and seemingly endless offering of authentic dining, drinking, shopping, and cultural options.  We are committed to developing the property in a manner that will embrace the area’s positive spirit and allow residents to enjoy all that Northern Liberties has to offer.”

Both 200 Spring Garden and 412 North 2nd Street will feature a unique collection of offerings that provide convenience and ease to its residents. The amenity packages will include a private elevated urban park that encompasses a pool, multiple grilling stations, community gardens, and a private outdoor dog run. The buildings will also be defined by their progressive approach to sustainable development and will set a new standard for responsible, environmentally friendly development in Philadelphia.

The partnership has retained prominent architectural firms Handel Architects, Morris Adjmi Architects, and MAJOR to design the project. Once completed, the development will introduce stylish new residences, modern amenities, and complementary street-level retailers carefully curated to support the local fabric.

This will be the third significant urban development effort for the KRE and National Development teams.  The firms previously partnered on Grove Pointe which delivered 525 residences and 20,000 square feet of retail space to Downtown Jersey City, NJ.  The companies are currently developing Journal Squared, an iconic mixed-use development comprising 1,838 rental residences, over 100,000 square feet of amenities, and 36,000 square feet of retail space in Jersey City’s historic Journal Square neighborhood, a major transportation hub with train service to Manhattan and other regions.  The development, which also included the creation of a landscaped pedestrian plaza that has hosted farmers markets, seasonal attractions, and community events, is widely recognized for spearheading the revitalization and renewed urban vitality of one of Jersey City’s most important neighborhoods.

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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 is an investment manager specializing in build-to-core, developing and managing large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed-use, industrial, data center and hotel—with design features, technological enhancements, and amenities that drive high tenant demand and can create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund, a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit 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.