Construction to begin on 29-story, 455,000-square-foot Center City building

Congratulations to Dan Dirscherl and the entire Hunter Roberts’ construction team on winning this prominent and long awaited project.

Brandywine Realty Trust has formed a joint venture with a partnership consisting of LCOR and the California State Teacher's Retirement System to construct 1919 Market St. in Philadelphia.

It will begin construction on the 29-story, 455,000-square-foot mixed-use project soon and expects to complete the building by spring 2016.

The development will have 321 apartments, 24,000 square feet of office and commercial space that is 90 percent pre-leased Independence Blue Cross and CVS as well as a 315-vehicle parking garage.

As part of the arrangement, Brandywine of Radnor, Pa., contributed the land to the development team and it will manage the retail and parking components of the project. The company has closed on $89 million in secured financing and its total equity in the deal is $30 million.

Barton Partners designed the building. Hunter Roberts Construction Group is the construction manager. LCOR is based in Berwyn, Pa., and CalSTRS bought a majority interest in the company in 2012.

Source: Philadelphia Business Journal