PHILADELPHIA | 1001 S. Broad Street Phase I | 180 FT | 14 FLOORS - Page 30

UrbanRevival · #**581** Posted **Jan 20, 2022, 2:36 AM**

Nice to see financing being made official. Also a few nuggets about the massive scale (who knew it's currently the largest in the US?!) and competition for financing really seem to speak to the continued strength of the Philly residential market:

Quote:

Post Brothers Closes $400M Construction Loan for Long-Awaited Philly Megaproject

The largest residential development in the U.S. — one that’s been decades in the making — is officially ready to rise.

Post Brothers and Tower Investments have closed $400 million in financing for their 1.9 million-square-foot mixed-use project at Broad Street and Washington Avenue in Philadelphia, Commercial Observer has learned, and have now broken ground on the mega-development.
....

“Lot of lenders were interested [in the financing],” Matt Pestronk, co-founder of Post Brothers, told CO. “We had transacted with both of these lenders multiple times. It’s a big project, especially for outside New York City where there are more projects of this size being built. We found there was a lot of competition for the deal, but we ultimately went with lenders we were comfortable with.”

https://commercialobserver.com/2022/...philadelephia/

PurpleWhiteOut · #**582** Posted **Jan 20, 2022, 4:22 AM**

I wonder if that includes funding for the 13th St project as well. I thought the Piazza Terminal project has this one beat by just a bit in terms of units, unless maybe they're talking sq ftage

PHLtoNYC · #**583** Posted **Jan 20, 2022, 3:13 PM**

Quote:

Originally Posted by PurpleWhiteOut

I wonder if that includes funding for the 13th St project as well. I thought the Piazza Terminal project has this one beat by just a bit in terms of units, unless maybe they're talking sq ftage

Not sure. This project calls for 1,457 units, but I tend to think the unit count includes both projects.

Piazza Terminal is around 1,150 units.

SPkid · #**584** Posted **Feb 3, 2022, 3:46 AM**

Found this article of what the first phase of 600 apartmentswill consist of. Though not sure how to share the image on here.

Post Brothers, Tower Investments Start Construction of $750M Multifamily Project in Philadelphia

Posted on January 31, 2022 by Taylor Williams

PHILADELPHIA — A partnership between developer Post Brothers and Tower Investments has started construction of Broad & Washington, a $750 million, multi-phase multifamily project in Philadelphia. Designed by BKV Group, the project will consist of 1,457 apartments, 65,000 square feet of retail space and a parking garage.

https://rebusinessonline.com/post-br...-philadelphia/

towerpower123 · #**585** Posted **Feb 3, 2022, 4:34 AM**

This one is massive and it looks like it will hold the streetwall quite well with storefronts and numerous entrances. Hopefully they will use some decent quality cladding

Knight Hospitaller · #**586** Posted **Apr 1, 2022, 12:23 AM**

New PhillyMag article:

"South Broad Megaproject Gets a Makeover"

https://www.phillymag.com/property/2...ource=hs_email

I wasn't aware that the lot across 13th was part of the plan too.

McBane · #**587** Posted **Apr 1, 2022, 2:11 AM**

Incredible! For dramatic effect, here's the current site: https://goo.gl/maps/sQaLE4kqdbHAGf1p6

iheartphilly · #**588** Posted **Apr 1, 2022, 12:28 PM**

^
So glad this is getting developed...the empty lots here are like no man's land for decades. It will surely improved the feel and look on Broad/Washington and tie this part of center city together.

reparcsyks · #**589** Posted **Apr 1, 2022, 1:19 PM**

Whoever owns the surface lots across Washington from this project must be PSYCHED! $$$

Human Scale · #**590** Posted **Apr 4, 2022, 8:06 AM**

The first page/front page listing this projects details says ‘luxury’ (apartments) which is an unfortunately overused marketing buzz word. Although the massive amenity deck with multiple pools AND CABANAS may earn this project an extra AAA diamond if it were a hotel, I think we should be precise on the specs and use the term ‘market rate rental,’ which is how this project has been positioned for years, and likely remains due to the sheer number of units to be marketed. It’s a peev of mine to see anything less than luxury marketed with that word - and I know very well everyone in this forum is aware of where that line is.

On a more gossipy note, I heard a number that I’m not sure is even physically possible. The number was 2,200 units. Does this sound way off, or am I just not seeing it/imagining it correctly based on the images??

PurpleWhiteOut · #**591** Posted **Apr 4, 2022, 12:23 PM**

A lot of press and marketing is combining this project with the project next door as a single mega-project. I think this one alone will have 1100 units iirc. If the 13th st project has the same amount it's possible I don't remember a unit count on it.

Jayfar · #**592** Posted **Apr 5, 2022, 3:33 AM**

Quote:

Originally Posted by Human Scale

On a more gossipy note, I heard a number that I’m not sure is even physically possible. The number was 2,200 units. Does this sound way off, or am I just not seeing it/imagining it correctly based on the images??

Quote:

Originally Posted by PurpleWhiteOut

A lot of press and marketing is combining this project with the project next door as a single mega-project. I think this one alone will have 1100 units iirc. If the 13th st project has the same amount it's possible I don't remember a unit count on it.

My understanding is that the total of all phases on both sides of 13th St will be 1,457 units. The article linked above seems to agree:

When completed in 2026, the $750 million project will span 1.9 million square feet and include 1,457 apartments, more than 65,000 square feet of retail space on the ground floor, and a parking garage. The first phase —scheduled for completion in 2024 — will see the building of 600 apartments across four interconnected structures plus 50,000 square feet of ground-floor commercial space.

summersm343 · #**593** Posted **Apr 5, 2022, 2:41 PM**

South Broad Megaproject Gets a Makeover

Phases I, II and a future III at 13th & Washington:

Phase I:

Read/view more here:
https://www.phillymag.com/property/2...XGhI0IL6Dx-Hp4

City Wide · #**594** Posted **Apr 5, 2022, 5:02 PM**

Look at all those flat roofs and not a solar collector in sight. Does the code give any bonus for including solar? On such a big site, it should be either required or highly encouraged.

Is any of the parking below grade?