With several buildings complete and retail space leased out, National Development welcomed the first phase of its ambitious Center City mixed-use project, East Market, this week.
Developers held a ribbon cutting Thursday for the $400 million project, which sits at 12th Street, between Chestnut and Market streets. The development aims to bring several towers to the popular block, combining office space, retail, and apartments.
So far, they’ve finished The Ludlow, a 17-story tower with 322 luxury apartment buildings and retail; its neighbor, 1100 Ludlow, a 200,000-square-foot office tower; and The Girard, a 23-story tower with 240 residences, and 60 boutique apartments. The group has also leased out retail space to MOM’s Organic Market, Wawa, Iron Hill Brewery, Little Baby’s Ice Cream, among others.
“It’s a good moment in time to step back and celebrate the series of things that have just opened,” said Daniel Killinger, National Development’s managing director in an interview ahead of the opening.
The goal, he says, was not just to create a residential and retail complex, but a neighborhood. A block party they held Thursday afternoon was a symbol of that intention. Killinger added that the city as a whole is undergoing a transformation, pointing to recent developments in Center City as well as Washington Square West.
“We hope that this project is large enough that it starts to connect those neighborhoods,” he said.
Though the block already looks transformed, there’s still a lot of work to go. Next, they’re turning their attention to the historic Stephen Girard Building that sits on 12th Street. They want to clean the facade and renovate the interior, but haven’t yet announced what the building will be used for. Killinger says that will likely be made public next year. They’re also working on plans for the Chestnut Street section of the project, but Killinger says it’ll likely be another three to four years until that’s complete.