City Ave $100M renovation
A $100 million redevelopment of Presidential City is closing in on the finish line and on track to be completed this year.
In the works for the last two years, Post Brothers has been gutting each of Presidential City’s four, 12-story buildings, re-skinning the facades, re-configuring portions for retail and amenity spaces and renovating each unit from top to bottom. Gone are the air conditioning units that once hung out of the windows, the closed-up pool and drab, outdated carpeting and appliances.
Presidential City is highly visible from City Avenue and the Schuylkill Expressway. The complex was dated when Post Brothers bought it for roughly 651 million in December 2012. Its more than 1,000 units were built beginning in the early 1950s and not much had been done to them since, prompting the overhaul.
One of the centerpieces of the redevelopment is an outdoor pool area that might just make residents feel as if they are laying poolside at a resort. Called the Sora Pool Club, the developer spent a whopping $7 million on an Olympic-length lap pool, a lounge pool and activity pool, as well as three Jacuzzis. (Pssst, you’re invited the grand opening party, April 28th)
There are other amenities. In the mood for a game of hoops? There‘s a full-size basketball court. A new fitness area has a yoga room and what is being labeled as a co-ed steam room.” There’s an outdoor kitchen area that will feature grills, refrigerators and areas to dine. Many of the amenities have been incorporated to encourage socializing and build a community of what will eventually be 2,000 residents, said Matt Pestronk, president and co-founder of Post Brothers.
The project has some retail spaces. So far a Panera has leased 4,000 square feet while two other spaces totaling about 5,000 square feet remain vacant for now.
While the construction work is expected to be done this year, Pestronk expects the complex to be fully leased up by 2017. Including acquisition of the building as well as a lease on the land and development costs, the project will total roughly $200 million.
Full story here.
Philadelphia Business Journal