The developers of East Market in Philadelphia have closed
on a $141 million construction loan.
An old office building that also contained ground-floor
retail space and took up a block at 1100 Market St. has been razed and
construction will officially begin on the first phase of East Market.
That work will involve constructing an 18-story, 500,000
square-foot building. It will that will have 322 apartments, 19,000 square feet
of amenities, an outdoor deck above a two-story, 105,000-square-foot retail
level in which Mom’s Organic Market is already a signed tenant, and 187
below-grade parking spaces. The project also includes renovating the former
family court building at 34 S. 11th St.
The total cost of the new tower and the redevelopment of
the family court building is $260 million.
East Market is a project that involves National Real
Estate Advisors, JOSS Realty Partners, Young Capital and SSH Real Estate.
Source: Philadelphia
Business Journal
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