The East Market project officially broke ground today and Mayor Michael Nutter got all gussied-up to do the honors. Lt. Governor Jim Cawley was also in attendance. The ceremony essentially marks the tipping point in the revitalization of the Market East (and eventually Chestnut Street) corridor, a stretch that has been in the news a lot recently. Future/armchair developers take note: If you've ever wondered how much it would cost to completely transform an entire city block, the going rate is around $500M - the estimated cost for the total project.
The enormous East Market project is designed by BLT Architects and will be completed in phases to eventually encompass the entire block between 11th and 12th Street from Market to Chestnut. The first phase will cost an estimated $230M and consist of a 17-story tower housing 160,000 sq. ft. of retail on the first two floors. 322 apartments will occupy the rest of the building, which will have space for 201 cars. The project will also look to break up the long building formerly known as Girard Square in favor of green space and walkable areas within the block — a promenade called Chestnut Walk.
According to an earlier press release, the adjacent Family Court building located at 34 S. 11th Street will be redeveloped into 150,000 sq. ft. of office space and 44,000 sq. ft. of ground floor retail.
The East Market project is owned National Real Estate Advisors, JOSS Realty Partners LLC, Young Capital LLC and SSH Real Estate.
· East Market official groundbreaking set for this week [PBJ]
· East Market Project Gets Infusion of Funds [Property]