National Development Completes First Phase of Transformative East Market Project in Center City Philadelphia
PHILADELPHIA – November 2, 2018 – National Real Estate Development, LLC (National Development) celebrated the completion of the first phase of its transformative $800 million, mixed-use East Market project in Center City yesterday, with a rousing community block party and ribbon cutting along Market Street just East of City Hall.
Bounded by Market, Chestnut, 11th & 12th streets, East Market bridges Philadelphia’s historic and business districts. The $400 million first phase of the residential-retail-office project has reimagined an ageing and underutilized section along Market Street, the city’s primary east-west corridor, into a dynamic full block of leading stores and popular restaurants. It also comprises 175,000 square feet of new Class A, LEED-certified creative office space and more than 560 luxury apartments in two towers; and is connected by a reinvented, pedestrian-friendly Ludlow Street streetscape and a 35-foot wide pedestrian walkway spanning Market Street to Chestnut Street.
In keynoting the grand opening event, Mayor Jim Kenney thanked National for its “signature investment in one of our city’s most important ongoing projects. East Market is helping redefine and enhance the entire district east of City Hall and turn the area into more of a magnet for working, living, and enjoying all of the benefits that our great city has to offer. And we look forward to this project’s next stage which will create more value and more jobs to benefit the city, our people, and our visitors.”
The first phase of East Market includes:
- The Ludlow (1101 Ludlow Street), a 17-story, 322-unit luxury apartment tower and 130,000 square feet of retail space.
- The Girard (1199 Ludlow Street), a 23-story, 240-unit upscale residential tower, currently in pre-leasing, above a two-story retail podium, which will offer 60 boutique apartments through ROOST Apartment Hotel.
- 1100 Ludlow, a 200,000-square-foot office tower with 175,000 square feet of creative office space, the new home of the Design Center of Philadelphia and the award-winning architecture firm, Bohlin Cywinski Jackson.
- Stores and Restaurants: Retail tenants are anchored by T.J. Maxx; gourmet grocer MOM’s Organic Market; Wawa, the popular regional convenience store; Iron Hill Brewery, the Mid-Atlantic region’s most awarded brewpub restaurant; City Fitness; AT&T; Little Baby’s Ice Cream; Federal Donuts; and District Taco.
Daniel Killinger, Managing Director of National Development, who oversees the project, said: “East Market is a dynamic new gathering place where Philadelphians can connect to all the city has to offer. For our residents and tenants, it offers the benefits of its Center City location and all its immediate attractions, direct access to public transportation, and the convenience of shopping and restaurants all in one meticulously designed, pedestrian-friendly development.”
Jeffrey Kanne, President and CEO of National Real Estate Advisors, the project’s investment manager, said: “East Market is a hallmark build-to-core project for National delivering on our commitment to create value, provide jobs, and strengthen economic vitality in the places where we invest. We look forward to contributing more to the growth and dynamism of Philadelphia, one of our nation’s most important cities, as we proceed with the next phase.”
East Market is owned by National Real Estate Advisors, LLC, an investment manager specializing in build-to-core, developing and owning large-scale, urban commercial and multifamily projects for its institutional client accounts; 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 Development, the full-service development arm of National Real Estate Advisors.