Realen Properties to Continue with Phase II of Edgewater Apartments
By Veronica Grecu, Associate Editor
Construction is heating up in Center City Philadelphia as real estate developer Realen Properties of Berwyn, PA, and its finance partner Northwest Mutual Life prepare to break ground on Phase II of Edgewater Apartments, an upscale multifamily community that was partially completed in 2006 before the economic downturn.
According to the developer’s website, Edgewater I is a fully occupied 13-story building at 23rd and Race Street that includes a combination of studios, one-, two-, and three-bedroom units totaling 290 apartments and 675 parking spaces, 75 of which are located in an underground parking garage. Construction at the 562,000-square-foot, $80 million tower started in 2003 under plans designed by locally based BLT Architects.
Edgewater II will replace an existing surface parking lot at the Southwest corner of 23rd and Summer Streets behind Edgewater I, the Philadelphia Business Journal reports, and it will add 240 rental units to the Logan Square neighborhood’s housing inventory.
Before breaking ground on the proposed 22-story tower, the development team must go through a rezoning process with the Philadelphia Planning Commission that could be finished by summer. Dennis Maloomian, president of Realen Properties, has already discussed the development plan with representatives of the Logan Square Neighborhood Association during a meeting held on April 16.