Radnor Property Group Tops Out Philly Tower
- Jan 04, 2021
Radnor Property Group has topped out the second phase of The Hamilton, a $175 million apartment project at the main campus of the Community College of Philadelphia. The 16-story tower, which broke ground in February of last year, will feature 297 market-rate apartments as part of the 576-unit development at 1500 Hamilton St.
Philadelphia YIMBY first reported on the construction milestone, noting that the project seems to be on track for completion in late 2021. Radnor, The Hamilton’s developer and owner, forged a long-term ground lease agreement with the public community college to realize the project, with the aim of bringing efficient housing at competitive rents to the area.
READ ALSO: Philadelphia Multifamily Report – Fall 2020
The developer completed the 10-story, 279-unit first phase in the fall of 2019, following two years of work on the $82 million building. Radnor landed a $142.6 million floating-rate loan from Mack Real Estate Credit Strategies to retire the existing construction financing in early 2020.
Both phases of the 500,00-square-foot development were designed by MY Architecture, alongside William Kinsman Lewis Architecture as associated architects and Michel Shannon Designs providing the interior design for the public spaces. Jonathon Alderson Landscape Architects handled the courtyard design.
The second phase will offer an expanded private courtyard with landscaping, along with a rooftop deck, an enlarged fitness center, a club lounge with a full kitchen and fireplace, and an underground parking garage, according to a previous statement by Radnor. Other amenities will include conference rooms, a coffee bar and a billiards and game room. The ground floor will also house 3,000 square feet of retail along 15th Street.
Located across N. 16th St. from the college campus, the project also sits across the street from the CBS 3 Eyewitness News headquarters. The city center’s attractions are within walking distance, including City Hall, Logan Square and the Philadelphia Museum of Art.
Commercial and multifamily developer Radnor owns 1.9 million square feet of real estate with a value of around $550 million. Elsewhere in Pennsylvania, the company’s pursuit of so-called “Eds and Meds” developments has spurred student housing partnerships with Lafayette College and Duquesne University.