Local developer Radnor Property Group has secured construction financing and broken ground on its $55 million project View32, a 16-story residential tower in University City.
"We closed on construction financing two weeks ago, and construction fencing has been installed at this point," David Yeager of Radnor Property Group tells Curbed Philly. "Next week you should see some earth movement."
Radnor secured $53.43 million in construction financing for the high-rise residential building at 3201 Race Street, which will include 164 1- and 2-bedroom apartments and and a child-care center on the first two levels. Designed by Erdy McHenry Architecture, the firm behind EVO at Cira Centre South and Edge at Avenue North, View32 will be catered to the educators and medical professionals in University City.
Plenty of amenities are planned for View32, including a community plaza and gourmet kitchen, parking, a fitness center, game room, library, and a rooftop deck.
Yeager says the project will be built in three phases, delivering about five floors per phase. "The completion date will be in about 18 months, so May or June 2017," he says.
Also linked to the project are 12 townhouses. Yeager says construction on these will occur after the tower is complete.
When complete in 2017, View32 will be just a block from the site of Schuylkill Yards, Drexel University's $3.5 billion innovation neighborhood. Yeager says that while his project is separate from Schuylkill Yards, he's looking forward to being adjacent to the new neighborhood. "It's exciting news for us, too."