The Mormon church has unveiled plans to construct a 32-story
apartment tower at 1601 Vine St. in Philadelphia, rounding out a major
commitment that the Church of Jesus Christ of Latter-day Saints has made to the
city.
The development will stand on what is now a surface parking
lot and next to a temple the church is constructing at 17th and Vine streets.
It will be among 50 major projects currently underway in the city.
Mayor Michael A. Nutter made the announcement today at City
Hall flanked by church, city and economic development officials.
The new residential building will total 400,000 square feet
and have 258 market-rate apartments as well as 13 townhouses. About 12,000
square feet of the development will be dedicated to street-level retail. In
addition, a church meeting house will be constructed that will have a chapel,
family history and cultural center and courtyard.
While church officials declined to say how much the project
will cost, it is estimated to run roughly $120 million.
BLT Architects of Philadelphia and Robert A. M. Stern
Architects of New York designed the project.
The residential development is market driven and being built
by Property Reserve Inc., which is affiliated with the church. No public
subsidies will be used to financially support the development, which will be
completed sometime in 2016.
Source: Philadelphia
Business Journal
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