Construction equipment has been materializing over the
past two weeks in the parking lot at 1441 Chestnut St. in Center City, where
developer Brook Lenfest, son of cable TV billionaire-philanthropist-Inquirer
owner H.F. Lenfest, is preparing a $280 million, 51-story project -- twin
hotels, W (upstairs) and Element by Westin -- totalling over 700 rooms and
backed by $75 million in public
grants, tax benefits and low-cost
loans. Owner is Lenfest's firm, Chestlen Development LP, of West Conshohocken;
developer is Vine Street/Matthews Southwest LP; general contractor is Tutor
Perini Building Corp.
Plenty of other cranes setting up in that neighborhod:
See also Brickstone's "Mixed-Use Development," to be built by Clemens
Construction, and for which Larry Steinberg at CBRE/Fameco is recruiting
tenants, at 1112-28 Chestnut St.
And that's just south of the city-administered Girard
Block, where demolition continues on the former N. Snellenburg's (corrected)
department store in the 1100 block of Market St. for the National Real Estate
Advisors/Joss Realty Partners/Young Caplital/SSH Real Estate-backed East Market retail-apartment-offices
project, which will eventually consume the whole block.
And that's before the serious llifting starts in the
redevelopment of PREIT/Macerich Co.'s Gallery.
Source: Philly.com
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