National Real Estate Development has closed on a $141
million construction loan with insurer Ullico for an 18-story residential and
retail tower at 1100 Market St., part of the company's $500 million East Market
project.
The loan will allow the start of construction on the
$117.5 million building, which will include 322 apartments, along with a MOM's
Organic Market and other shops and restaurants, the company said in a
statement.
The new tower, along with the redevelopment of the
adjacent Family Court Building at 34 S. 11th St., make up the first phase of
the East Market project, bounded by 11th and 12th Streets, from Market to
Clover. A later phase would carry the development through to Chestnut Street.
Source: Philadelphia
Business Journal
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