Leonard S. Poncia, boss at Havertown-based Aquinas Realty
Partners, was shoveling credit around liberally -- to Mayor Nutter,
Councilmembers Darrell Clarke and Jannie Blackwell, the Philadelphia
Redevelopment Authority, the Cnter City Residents Association -- at the
ceremonial groundbreaking for his 12-story, 110-apartment AQ Rittenhouse tower,
2021 Chestnut St., this morning. As new construction, the tower will enjoy real
estate tax breaks; no other public support has been awarded to date.
The $40 million-plus tower is backed by, among others:
equity investor Joel S. Brudner's and Christopher McCallion's MB1 Capital
Partners, Wall, N.J., which is also backing projects in Brooklyn, Dallas,
Belmawr and Morristown; lenders, Santander Bank (the Spanish outfit formerly
known locally as Sovereign) and the Board of City Trusts (headed by South
Philly Democratic politician Robert Donatucci, the board oversees Wills Eye
Hospital, Girard College and other city charities).
Builder is Clemens Construction Co., whose placards are all
over Center City, and whose next projects include a Brown's ShopRite in the
city's Mantua section near Drexel; one of the architects is BLTa's Michael
Ytterberg, highrise-midrise designer to colleges and other institutions, who
says his firm is good at filling the "infill" sites "that are
mostly what you have to work with in Philadelphia"; architect of record is
Peter Stampfl. Freire Charter School, based next door, was thanked for its
cooperation and CCRA president Jeffrey Braff for his patience and support. CBRE
| Fameco (corrected) seeks first-floor retail tenants to fill spaces up to
5,000 sq ft.
Source: Philly.com
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