PHILADELPHIA | Highrise Development Thread X

[mcgrath618]

From the Lowrise thread:

Originally Posted by PHLtoNYC

Greystar undertakes $100M redevelopment of Penn graduate housing complex

https://www.bizjournals.com/philadelphia...cx_testVariant=cx_8&cx_artPos=1#cxrecs_s

"Greystar Real Estate Partners is undertaking a $100 million redevelopment of a graduate student dorm built 50 years ago at the University of Pennsylvania."

"Penn entered into a long-term ground lease of Sansom Place East at 3600 Chestnut St. with Greystar, which is an arrangement the university has made with other developers who have undertaken similar redevelopments or new ground-up projects. The project involves overhauling the interior of the building to have 473 units with 588 beds, 12,000 square feet of amenity space that will include a fitness center, co-working space and study rooms. It will also involve renovating an outdoor plaza."

"This is the second project in Philadelphia for Greystar, which is seeking to expand its presence in the city and throughout the region. The South Carolina company is developing a $190 million, 20-story apartment project at 12th and Sansom streets that will have 399 apartments along with 11,000 square feet of commercial space. It is expected to be completed by next summer. It also manages 9,000 multifamily units across the region."

"“We’re making a very concerted effort to grow our footprint in the Philadelphia market and have a large appetite for opportunities in the overall Philadelphia metropolitan area,” said George Hayward, senior director at Greystar. “We firmly believe in the steady fundamentals in the market.”"