Brandywine Finds Partner For 29-Story Apt. Tower At 1919 Market St.

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Brandywine Realty Trust, the Radnor company that is the dominant office landlord in Center City, says it has a partner and detailed plans to build a 29-story, 321-apartment, $140 million tower on the grassy lot it controls at 1919 Market St. in Center City. The tower will also feature 24,000 sq. ft. of commercial space, mostly leased to Independence Blue Cross (IBC) and the CVS drugstore chain. Statement here.

Brandywine’s 50-50 joint venture partner for 1919 Market is Berwyn-based LCOR CalSTERS, a successor to the former Linpro Co., which now manages property investments for the California State Teachers Retirement System. The partners arranged to borrow $88.9 million for the project, pricing the credit at Libor plus 2.25%. Equity investment is $59.2 million, split by the two partners; Brandywine’s half includes the $13 million value of the land. The company projects a cash yield (rent/cost) of 7% a year (vs 8% for Brandywine’s $385 million FMC office/apartment tower, and 7.6% at Brandywine’s $158 million Evo apartment project, both in University City).

Read more at http://www.philly.com/philly/blogs/inq-phillydeals/New-29-story-tower-proposed-for-1919-Market-St-.html#bOWzSHLeSA7BBpJU.99

Mormon Apartment Tower, Meetinghouse Complex Passes Design Review

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After reviewing the Church of Jesus Christ of Latter-Day Saints’ plans for an apartment tower, townhouses, retail space, and a meetinghouse at 1601 Vine St., the city Planning Commission’s Design Review Committee advised the church to open a garden to the public, work with the Streets Department to improve traffic flow on adjacent Wood Street, and use a higher-grade material than blacktop in a public courtyard.

The committee then closed its review, with little information on the large amount of public art the church is required to provide.

CDR committee members, who met earlier this week, weren’t totally thrilled about that last bit.

“Whatever we decide here becomes the way future developers come before us,” said committee member Cecil Baker. “This is part of the public realm. When jobs get this large, it’s a very important part. This is a major, major opportunity, the likes of which come rarely.”

Read more at http://www.philly.com/philly/news/Mormon_apartment_tower_meetinghouse_complex_passes_design_review.html#GqLhlWDwGYvu5sA2.99