Radnor Property Group to Move Forward with 25-Story Mixed-Use Tower Project
By Veronica Grecu, Associate Editor
Several weeks after reaching an agreement with the Preservation Alliance for Greater Philadelphia on the long-term care and preservation of the historic Cathedral building constructed in 1855 by Samuel Sloan and located at 38th and Chestnut Streets (pictured to the right), the partnership between Radnor and the Philadelphia Episcopal Cathedral will break ground in September on a mixed-use project that will replace two buildings—a parish house and rectory, also of historical significance—with a 25-story residential and commercial high-rise.
According to a recent news report by University City Review, the $105 million project was designed by Bower Lewis Thrower Architects (BLTa) and will include 280 rental apartments for young professionals and graduate students. The project’s commercial component totaling 30,000 square feet will consist of 15,000 square feet of street level retail space along both Chestnut and 38th Streets, while the remaining space will house a community center and a childcare center for 110 children.
Scheduled for completion in the fall of 2015, the 300,000-square-foot project is estimated to be generating nearly 160 construction jobs and $1 million in tax revenues for the city.
Images courtesy of Google Maps and BLTa respectivelyTags: affordable housing, Architecture/Design, BLTa, Commercial, Consumer, Developers, Development, Education, Finance/Investment, Financiers, historic building, Investors, Local, mixed-use, multi-family, National, Philadelphia Episcopal Cathedral, Philadelphia Lead Story, Preservation Alliance for Greater Philadelphia, Professional, Radnor Property Group, Regional, Residential, retail