The developers of Rodin Square will mark a milestone in
the $160 million project Tuesday and will top out the project.
While the overall development is called Rodin Square, one
of its main components is a 10-story apartment structure separately called
Dalian on the Park. That portion of the project will have 293 rental units as
well as a 500-vehicle parking facility and a 35,000-square-foot rooftop sky
park. It is owned by Dalian Development of Washington D.C., a newcomer to the
city's real estate scene.
Another integral part of the project is an
85,000-square-foot retail component. That is owned separately by International
Financial Co., a Philadelphia real estate company. The retail space is fully
leased to Whole Foods, Santander Bank, Jefferson Hospital and CVS.
It’s a project that will make a statement on the Benjamin
Franklin Parkway while striving to blend into an area of the city that is noted
by its museums.
“Three acres is a lot to work with in Center City and
we’re very excited about the project,” said Victor Rodin of Rodin Development.
The retail portion of Rodin Square is a major amenity for
the neighborhood and the residents who eventually move into the Dalian. It
helps round out the development.
“Being on top of the largest Whole Foods in the country
plus our location all helps,” said Brady Nolan, vice president of development
at Dalian. “Would we have loved this site without Whole Foods? I think we would
have but studies show property values are added when you have retail like a
Whole Foods as part of a project. There’s definitely value there.”
So far, everything is on schedule with the project, Nolan
said. The first units should be ready by the end of next summer and the Whole
Foods is scheduled to open in the early fall.
Source: Philadelphia
Business Journal
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