Brandywine Realty Trust has formed a 50:50 joint venture partnership with Berwyn-based real estate firm LCOR / CalSTRS for the construction of a 29-storey, mixed-use development at 1919 Market Street in Philadelphia, Pennsylvania.
The new 455,000ft² contemporary glass tower will be constructed as a development comprising residential, retail and parking components.
LCOR president Thomas O’Brien said: "With LCOR’s experience developing transit-oriented communities, we understand and recognise the value of walkable, mixed-use projects, especially in a dynamic neighborhood such as center city."
The overall project comprises 321 luxury apartments, 24,000ft² of office space, which is 90% pre-leased to Independence Blue Cross and CVS, full concierge service, rooftop fitness centre, roof garden, rooftop ledge pool and a game room with golf simulator.
The project also involves construction of a 215-car structured parking lot, which would support the development as well as offering a necessary public facility.
Brandywine Realty Trust president and CEO Gerard Sweeney said: "This luxury, mixed-use development, with access to various transit options, epitomises smart urban development and adds tremendous neighborhood value to our seven million ft² of office space."
Hunter Roberts Construction will be tasked with managing the construction process of the tower, which had been designed by Barton Partners.
Image: An artistic impression of 1919 Market Street. Photo: courtesy of Brandywine Realty Trust.