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Hospitality 3 Announces Study Hotels Concept for Philadelphia’s University City

7 May 2014, 8:21 pm

By Veronica Grecu, Associate Editor

Hospitality 3, a hotel and real estate development company with offices in Manhattan and New Haven, CT, is set to break ground on a new hotel facility in West Philadelphia.

The Study at University City - Philadelphia

The Study at University City – Philadelphia

The company announced it entered a long-term ground lease with Drexel University to develop a 10-story facility on the northwest corner of 33rd and Chestnut streets in the University City district. The 145,000-square-foot hotel called The Study at University City will be operated by Hospitality 3’s Study Hotels—a brand described as a lifestyle concept conceived to accommodate the news of university markets by offering high quality, full-service lodging.

“We are delighted to have secured such an incredible site in the heart of University City and a short walk from 30th Street Station,” said Paul McGowan, Hospitality 3 Principal. According to the company, McGowan himself developed the Study Hotels concept that caters to students and staff members in dense college and university areas. Designed to create an “urban retreat” for visitors, professors, students, families and locals, Study Hotels also look to have a strong relevance within the community by capturing the character of the area and the personality of the neighboring institutions—such is the case for The Study at Yale, Hospitality 3’s first hotel of this kind that was developed on the Yale University campus in New Haven, CT. The 124-key boutique hotel opened in 2008 and went on to become one of the favorite lodging options in the area (apparently Hollywood star James Franco lived there during his years at Yale).

Award-winning architecture firm DIGSAU created the conceptual design for the building in Philadelphia’s University City. The hotel will offer 212 guest rooms along with a restaurant that can accommodate more than 100 people, a fitness center and 7,000 square feet of meeting space.

According to Hospitality 3, the hotel project is scheduled for completion in 2016.

Rendering courtesy of DIGSAU



Liberty/Synterra JV Breaks Ground on 75,000 Sq. Ft. Building at the Navy Yard Commerce Center

30 Apr 2014, 4:09 pm

By Veronica Grecu, Associate Editor

Activity is buzzing at the old Philadelphia Navy Yard as the business campus continues to add new office buildings to accommodate the growing list of companies that are rapidly joining the site’s tenant roster.

4000 S 26th Street - Navy Yard Commerce Center

4000 S 26th Street – Navy Yard Commerce Center

Located in South Philadelphia and developed by the now-famous Liberty Property Trust/Synterra Partners partnership, the 40-acre Navy Yard Commerce Center is a master-planned project that consists of a mix of renovated historic buildings and new high-performance and LEED certified buildings. The Commerce Center is part of the Navy Yard, a 1,200-acre waterfront business campus designated as a Keystone Opportunity Improvement Zone (KOIZ) that is currently home to more than 11,000 employees and 143 companies in the office, industrial/manufacturing, and research and development sectors.

The Liberty/Synterra joint venture recently broke ground on its third flex building at the Navy Yard Commerce Center, an official statement shows. The 75,000-square-foot Class A commercial facility is located at 4000 S. 26th Street and is already fully pre-leased to three international tenants.

Conceptual plans for the $13 million development project were designed by Environetics, a New York-based architecture and interior design firm. Set for completion by December 2014, the single-story structure will join Liberty/Synterra’s two other build-to-suit flex buildings located at 4020 and 4050 S. 26th Street, which are also 100 percent leased.

“The appeal for high-quality flex space centrally located in the region continues to attract new companies to The Navy Yard, in this case from as far as China, Australia and the United Kingdom. With all five flex buildings in The Navy Yard at capacity, we will continue to meet this growing demand with plans already underway for our sixth flex building,” said Brian Cohen, Liberty Property Trust vice president and city manager at the ground breaking ceremony.

EcoSave, a large Australian energy efficiency company, announced earlier this year that it has chosen the Navy Yard as the location for its headquarters in the U.S. The company has already leased 20,000 square feet at 4000 S. 26th Street and plans to move in as soon as the building is completed.

Clinigen, a specialty global pharmaceuticals and services business based in the United Kingdom, will also set up its U.S. headquarters at 4000 S. 26th Street. According to the developers, the company will occupy approximately 10,000 square feet of space in the new building.

The third tenant is WuXi AppTec, Inc., a global pharmaceutical, biopharmaceutical, and medical device outsourcing company with operations in China and the United States. WuXi Apptec was Liberty’s first tenant in the Navy Yard in 2003, when it leased 75,000 square feet of research and development space. Reportedly, Wuxi AppTec will expand into 45,000 square feet of the building, bringing its total footprint in the navy Yard to nearly 130,000 square feet.

Rendering courtesy of Libery Property Trust and Synterra Partners



HOW Properties Working on New Student Housing Complex in West Philly

16 Apr 2014, 7:55 pm

By Veronica Grecu, Associate Editor

A local real estate management company is building a new student housing facility on Woodland Avenue in the west section of Philadelphia—or West Philly, where student housing is scarce though the area is home to several well-established universities such as the University of Pennsylvania, Drexel University, the University of Sciences in Philadelphia and Saint Joseph’s University.

4619 Woodland Avenue - West Philadelphia

4619 Woodland Avenue – West Philadelphia

West Philly Local reports that HOW Properties is currently working on a 20,000-square-foot complex at 4619 Woodland Avenue that will offer housing options to students enrolled in the University of Sciences in Philadelphia (USP). The 1,890-square-foot development site is a formerly vacant parcel that HOW Properties acquired in July 2013 for $865,000 according to data from PropertyShark.

The three-story building will include 16 housing units in a combination of two-, three-, four-, and five-bedrooms and only one studio. Reportedly, the project had an estimated completion date set for August but the developer decided to push this date until next summer because many students had already signed leases for the 2014-2015 school year. According to West Philly Local, the units will be available for rents between $800 and $3,200 a month but the prices are expected to change next year.

HOW Properties also included a commercial retail space on the ground floor of the building and hopes to work with the USP board to identify a tenant that would be beneficial for the area and the building’s residents.

 

Rendering credits: HOW Properties



Rittenhouse Realty Advisors Sells Wyndmoor Gardens Apartment Asset for $7.1 Million

14 Apr 2014, 1:52 pm

By Veronica Grecu, Associate Editor

A residential complex in Chestnut Hill, one of the most beautiful neighborhoods of Philadelphia, recently changed ownership in a $7.1 million transaction.

Wyndmoor Gardens - Chestnut Hill, Philadelphia

Wyndmoor Gardens – Chestnut Hill, Philadelphia

Rittenhouse Realty Advisors sold the Wyndmoor Gardens apartment community at 219 E. Willow Grove Avenue to an undisclosed local private capital group. Located directly across the street from the Wyndmoor SEPTA Regional Rail Station and offering convenient access to downtown Philadelphia, Conshohocken and King of Prussia, the horse shoe shaped complex consists of five residential buildings totaling 88 apartments (63 percent of which are two-bedroom units), one retail store and 21 income-producing garages.

“The property traded at a sub 5% CAP on trailing 12 month numbers in the heart of Chestnut Hill,” stated Ken Wellar, managing partner with Rittenhouse Realty Advisors.

Wyndmoor Gardens was sold with excellent value-add opportunity for the buyer as most of the units haven’t been renovated and are still rented at below the market average. Information from LoopNet.com reveals that average rents in the Chestnut Hill submarket range from $900-$1,000 per month for one-bedroom units to $1,300-$1,400 per months for two-bedroom units. According to Rittenhouse, the new owner of Wyndmoor Gardens plans to complete high-end upgrades to the 88 units which could push up rents by a whopping 25 percent.

 

Image via Rittenhouse Realty Advisors



110 Luxury Apartments Under Construction at 2021 Chestnut Street

8 Apr 2014, 1:19 pm

By Veronica Grecu, Associate Editor

AQ Rittenhouse - 2021 Chestnut Street

AQ Rittenhouse – 2021 Chestnut Street

The wave of residential projects that hit the vibrant Center City neighborhood of Philadelphia continues with yet another upscale development at 2021 Chestnut Street near Rittenhouse Square.

In less than one week Aquinas Realty Partners is set to officially break ground on AQ Rittenhouse, a high-rise luxury apartment building designed for active young professionals looking for an urban lifestyle. The 12-story story will replace a long-vacant community center that served as an annex for the former YWCA building.

According to Philadelphia Inquirer, the four-story YWCA annex—a veritable source of blight—was purchased by Aquinas Realty in 2010 for around $1 million from the Philadelphia Redevelopment Authority

Designed by BLT Architects to qualify for LEED Silver certification, the $33 million AQ Rittenhouse will be a much-needed urban-infill redevelopment in a busy commercial and residential area in Center City. The mixed-use building will boast 110 first-class luxury units combined with nearly 5,000 square feet of street level retail/restaurant and commercial space brokered by CBRE |Fameco. The building’s basement will be occupied by the Freire Charter School. The list of amenities includes a fitness center, 24/7 concierge and doorman, dog wash room, wifi internet, extensive bike storage and repair shop, car share garage and roof top community gathering facility. Project plans also include a 2nd floor central courtyard offering panoramic views of Rittenhouse Square and the Philadelphia skyline.

When completed in late 2014, AQ Rittenhouse will offer mix of studios, one- and two-bedroom apartments featuring hardwood floors, stainless steel appliances, washer-dryer units, and granite countertops.

 

Rendering of AQ Rittenhouse credits to BLT Architects via Aquinas Realty Partners







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