Demolition of what many know as Girard Square in Center City will begin this summer and construction of a new development called East Market will begin in earnest.
The 4.3-acre site takes up an entire city block bound by Market, Chestnut, 11th and 12th streets. The building fronting Market Street will be taken down and the first phase will rise in its place. It will total $230 million and encompass 650,000 square feet.
That initial phase will include constructing a 17-story tower that will have the first two levels dedicated to 160,000 square feet of retail space and the remainder an apartment structure with 322 units. It will also involve renovating the 200,000-square-foot family court building and preparing that for retail space on the street level and office space above.
The market will dictate when the subsequent phases get developed and how, said Daniel Killinger, director of development at the union-backed National Real Estate Development, one of the partners in the project.
NREA is part of National Real Estate Advisors, which had previously been known as the National Electrical Benefit Fund. It was involved in the construction of the new apartment tower at 2116 Chestnut St.
The other stakeholders in East Market include Joss Realty Partners, Young Capital and SSH Real Estate.
This story is reported through a news-sharing partnership between NBC10.com and The Philadelphia Business Journal.