FMC Tower to feature 268 high-end apartments

Korman Communities is expanding its high-end, extended stay brand to the residential component of the new FMC Tower at Cira Centre South.

Called AKA, this will be the second Philadelphia location for the Korman Communities apartment concept. The other is on Rittenhouse Square.

Brandywine Realty Trust, which is constructing the 49-story mixed-use tower, has entered into a partnership with Korman Communities to oversee the residential part of the development. The project will have 268 apartments on floors 29 through 46. Korman will initially start out with 103 furnished apartments and see if it needs to increase the number of those units at a later date.

Korman Communities has been working on this arrangement with Brandywine for a year, having initiated a conversation last May about putting the AKA brand in the building. University City is one of the three places in Philadelphia the Plymouth Meeting, Pa., company wanted AKA to have a presence.

“We love this location,” said Bradley Korman, co-CEO of Korman Communities.

Korman cited its proximity to Rittenhouse Square, Children’s Hospital of Philadelphia, Drexel University, the University of Pennsylvania, 30th Street Station and the Central Business District.

“It’s the ultimate location for multifamily,” Korman said.

The apartments will start on the 29th floor, giving renters unobstructed views.

“Our lowest point is the penthouse for every other building,” he said. “We think this is truly one of the special buildings in the city.”

Korman envisions a wide range of people who would be interested in renting the apartments. For example, executives visiting FMC or one of the universities or hospitals for an extended period of time would be a captured audience for the furnished units. Empty Nesters and those who want access to 30th Street Station to commute to New York might also find the location appealing.

Part of the plans include tailoring the 28th story as a full-floor amenity space that will have a business center, lounge, café, bar, golf simulator, two-tiered screening room, oversized lap pool, fitness center, and outdoor terrace with fire pits.

The building is designed by Pelli Clarke Pelli, BLTa, and Asfour Guzy Architects.

Source: Philadelphia Business Journal