Post Brothers is starting to execute their plans
to get in on some of the action around
University City. The company
announced they’ve acquired the
Garden Court Plaza, a gorgeous 1920s-era
apartment building at 47th and Pine Street (
map), with plans to undertake a massive
renovation project that largely caters to the area’s built-in population of
post-graduates.
According to a press release about the acquisition, Post
Brothers has “earmarked” $250 million to invest in projects that look to keep
recent grads and a growing workforce in and around University City (47th and
Pine is really Walnut Hill). “Our principal goal is to harness the energy
of this exciting neighborhood to create re-imagined, high-quality apartments
that are reflective of the neighborhood’s vibrant, upwardly-mobile population,”
said Post’s CEO Michael Pestronk.
The plan at Garden Court Plaza calls for
146 apartment
units, and will look to take the historic structure to the next level by
bringing a new management team on site. Oh, and they will also be adding an
amenity package on par with the flashy new high-rises popping up on
Market and
Chestnut streets.