Goldenberg, Hines and ASB JV Builds Apartment High-Rise in Philadelphia

As the first venture of the partnership, 1213 Walnut St. will be a luxury 322-unit community rising 26 stories in the Midtown Village neighborhood of Center City.

Philadelphia—The Goldenberg Group of Philadelphia, international real estate firm Hines, and ASB Real Estate Investments, have partnered to construct a new Class-A residential high-rise at 1213 Walnut St. in Center City, Philadelphia.

Rendering of 1213 Walnut  in Philadelphia

Rendering of 1213 Walnut in Philadelphia

Construction on the project, which represents the first venture by the partnership, began in October 2015 and a groundbreaking ceremony was recently held at the beginning of December, according to Philadelphia magazine. The article added that the development will be targeted toward Millennials and empty nesters—two demographics that have driven much of the new development in the city.

Upon completion, 1213 Walnut will be a 26-story, 300,000-square-foot residential tower with 322 luxury apartments. The building is located in the Midtown Village neighborhood of Center City’s Washington Square West submarket and is often referred to as “Fergie’s Tower” after the well-known bar on Sansom Street that the property will surround upon completion.

“This development is an exciting one for us because Midtown Village is a diverse, expanding neighborhood in a high-density, highly amenitized area. We have partnered with Hines and ASB to create a project that will contribute to the unique vibrancy of the neighborhood,” said Ken Goldenberg, founder, president & CEO of The Goldenberg Group.

Plans also call for more than 7,200 square feet of retail space on Walnut and Sansom streets and a best-in-class amenity package with over 11,000 square feet of resident community space, which will include a great room, outdoor terrace lounge overlooking Walnut Street, gaming area, entertainment kitchen, private conference area and luxurious “quiet room.” Residents will also have access to a more than 3,000-square-foot indoor/outdoor fitness center with exercise studio and fitness as well as a yoga terrace, rooftop deck, an elevated private dog park, and bicycle storage with a workshop.

Future residents will be able to choose from a mix of studio, one-bedroom and two-bedroom units. The first batch of apartments is expected to be ready for occupancy in the summer of 2017.

The project aims to achieve LEED Silver certification and will incorporate sustainable features such as the use of green building materials, energy-efficient lighting and plumbing fixtures, state-of-the-art building systems, a green roof and best management practices.

The base-building architect is Design Collective Inc. of Baltimore, whose prior work includes the Domus apartments in University City. The building’s common areas and amenities have been designed by RD Jones & Associates. The general contractor is Hunter Roberts Construction Group, while construction financing will be provided by Wells Fargo Bank, N.A.

“1213 Walnut is particularly significant to Hines as it is our first development project in Philadelphia. We look forward to setting a new bar for top-quality multifamily product in Center City and to growing our presence in the city. We feel privileged to be partnering with Goldenberg and ASB on this important new venture,” said Daniel Moore, Hines’ managing director.

Image courtesy of Hines