Lieutenant Governor Jim Cawley and Mayor Michael A. Nutter joined together at 12th and Market Street in Philadelphia to officially launch demolition and construction for the first phase of East Market, a distinctive mixed-use development that will transform an entire block in the heart of the city. Joined by 1st District Councilman Mark Squilla, Jeffrey Kanne, president and CEO of National Real Estate Advisors and Dan Killinger, director of development for National Real Estate Development, the Administrations jointly announced their capital commitments.
The state recently designated an additional $2.5 million in an Economic Growth Initiative grant to the development, bringing the total state investment to $10 million. The city has committed $4 million in capital funding as part of the 2015-2016 capital budget which will be used for public improvements.
“Governor Corbett and I are both committed to taking steps that position Pennsylvania as a global destination and create a thriving economic environment that appeals to businesses, tourists and, most importantly, our residents,” said Lt. Governor Cawley. “This progressive urban development will build on the current transformation efforts already underway in the city and will only strengthen Philadelphia’s reputation as a world-class city. When completed, this project will add almost 300 permanent jobs and significantly add to the state’s tax revenue, while providing Philadelphians and those in the surrounding communities’ greater access to some of the world’s best stores and restaurants.”
“As part of the larger revitalization of Center City, and specifically Market Street, the impact of East Market will reach far beyond this development,” said Mayor Michael A. Nutter. “We are seeing tremendous growth in Philadelphia as people from all walks of life choose to move to the city; national and international events look to us as a host; and our rich history continues to attract tourists. Supporting developments like East Market, that will continue to foster this growth and enable us to provide all who visit or live here with the best experience possible, is a priority for my administration.”
In keeping with the East Market tagline, “Uniquely Urban. Classically Philly.”, the event was framed by 112 feet of artwork that depicts Market Street as it was in the early 1900’s, juxtaposed with a blend of renderings that illustrate what’s to come. Christian Cantiello, a native Philadelphia artist, provided art direction on the project, and created original typography artwork to blend the images and bring the story to life.
“Market Street was Philadelphia’s main street—the center of commerce and community,” said Killinger. “By having as many Philadelphians touch this project throughout each of the phases, we will stay true to that history and culture and create something special—a destination on Market Street that will connect the historic and business districts for the first time.”
“With the financing, retail and residential markets all strong, we are pleased to have partners in both Administrations right now, enabling us to take advantage of this positive real estate environment,” said Kanne. “This is an ambitious project that needs many partners to get it off the ground, and this grant money sends a clear message that these Administrations recognize the importance of East Market as it relates to the revitalization of Market Street. Not only will East Market have a short and long-term positive impact on the city economically, it also will create a truly unique urban community for residents and tourists, alike.”
Lieutenant Governor Cawley and Mayor Nutter kicked off the demolition by ceremonially breaking through concrete molds with sledgehammers. The first phase of the project encompasses the existing 1100 Market Street building and demolition is slated to begin in mid-October, with vertical construction set to begin in February 2015. East Market is jointly owned by National Real Estate Advisors, JOSS Realty Partners, Young Capital and SSH Real Estate.
About East Market
East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11th to 12th Streets. This multi-use location will blend urban and artisanal shopping and dining experiences into a new community with contemporary work and living spaces. The project is owned by National Real Estate Advisors,LLC, Joss Realty Partners LLC, Young Capital LLC and SSH Real Estate and developed by National Real Estate Development, LLC. For more information, please visit http://www.eastmarketphilly.com or email at eastmarket(at)natrealestatedevelopment(dot)com.
About National Real Estate Advisors, LLC
National Real Estate Advisors has $2 billion+ in assets under management for pension plan sponsors, investing in major U.S. urban markets using a build-to-core strategy. The company undertakes large-scale development and redevelopment projects in its open-end fund and separate account, building investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. An SEC registered advisor, the firm is a subsidiary of the National Electrical Benefit Fund, a $12 billion pension plan sponsor. For more information visit, http://www.natadvisors.com.
About National Real Estate Development, LLC
National Development has successfully managed and consulted on the development of complex projects in selected cities across the U.S. including office, multi-family residential, retail, hotel and mixed-use properties. These projects generally consist of high-density, high-rise developments located in primary urban areas where experience is the key to successful outcomes. National Development senior staff members average more than 25 years of experience in various aspects of real estate development and construction, including architecture, engineering, construction and finance. National Development has been engaged by Girard Square A NY, LP under a Development Services Agreement to provide comprehensive development management and construction management services from pre-development through completion of construction. For more information visit, natrealestatedevelopment.com.