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One Cathedral Square, a $110 million apartment tower, nears completion on the Parkway

Early in the pandemic in 2020 when supply chain issues began to emerge, EQT Exeter and its development team moved to switch all of the materials needed to fit out a new apartment building such as cabinets, countertops, flooring, plumbing and lighting to domestic suppliers. While that added some extra expense, there was a $30,000 upcharge for upgraded quartz countertops, the project didn’t run into any of the delays and snags other developments have faced.

“We had everything ready to be installed and we didn’t have any delays,” said Kevin Urso, development manager at EQT Exeter. “We’re a month ahead of schedule.”
Solomon Cordwell Buenz designed One Cathedral with an eye toward not taking away from the basilica and materials such as brick, limestone and glass were used to pay homage to it as well as blend in with it. Reflections of the basilica’s dome appear in the glass and, depending on how the light is hitting the façade, plays off of the patina on the dome. The structure was angled to provide more views of Center City instead of the Sheraton, which is directly across the street.

The first five floors with a total of 60 units will open Aug. 5 and 25% of that first tranche has been leased. “The market has rebounded and there has been a resurgence of demand in the rental market,” said Michael Allard, a property manager with Bozzuto Group.

Renters have so far been empty nesters and those priced out of the housing market. Rents range from $1,900 to $3,900 for a two-bedroom. A three-bedroom penthouse runs $10,000 a month. The project has 2,000 square feet of retail space.