NREA/JRP/YAC/SSH – East Market Mixed-Use Development – Pennsylvania - Project Profile
"NREA/JRP/YAC/SSH – East Market Mixed-Use Development – Pennsylvania - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.
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National Real Estate Advisors (NREA), Joss Realty Partners LLC (JRP), Young America Capital LLC (YAC), SSH Real Estate (SSH) are undertaking the construction of mixed-use complex in Pennsylvania, the US.
The project involves the construction of a 185,806m2 mixed-use complex on 1.7ha of land and is being developed in phases.
The first phase fronting Market Street will include the construction of a 16-story mixed-use tower with 46,451m2 area, 9,754m2 of retail space and the remainder an apartment structure with 322 units. It will also involves renovating the family court building for retail space on the street level and 187 below-grade parking spaces.
BLT Architects has been appointed as the lead architect for the project.
In December 2011, NREA acquired the property from Philadelphia City Council and in October 2014, A ground breaking ceremony was held marking the start of demolition work.
In October 2014, the state designated an additional US$2.5 million in an Economic Growth Initiative grant to the development, bringing the total state investment to US$10 million. The city has committed US$4 million in capital funding as part of the 2015-2016 capital budget, which will be used for public improvements.
In May 2015, NREA secured US$141 million loan from Ullico Inc and Tutor Perini Building Corp. appointed as the general contractor and the value of the contract was US$117.5 million.
In October 2016, BLT architects, has proposed various designs for the second phase of the project.
Construction works on the first phase and design activities on second phase are underway.
Construction works on the first phase are underway with expected completion by fourth quarter 2017 and the entire project by 2021.
The East Market project involves the construction of a 185,806m2 mixed-use complex on 1.7ha of land in Philadelphia, Pennsylvania, the US.
The US$600 million project includes the following:
1. Construction of 9,754m2 retail space
2. Construction of 16-story mixed-use tower with 322 residential units in the first phase
3. Construction of commercial space
4. Construction of 187 parking spaces and related facilities
5. Renovation of family court building
6. Installation of safety and security equipmentsReasons To Buy
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