One of the key players in the development of Rodin Square, a $160 million apartment complex that will have a new Whole Foods as its main retail tenant, is an out-of-towner that is bullish on Philadelphia.
Dalian Development of Washington, D.C. is joint venturing on the project with Neal Rodin’s International Financial Co. of Philadelphia.
Dalian is a relatively new company that formed in June 2012 to make real estate investments on behalf of a “very wealthy” Washington, D.C. family, said Brady Nolan, vice president at Dalian. It focuses on ground-up, high-end apartments that ideally have a mixed-use component. It doesn’t buy existing multifamily properties.
“You take more risk but you have higher returns,” Nolan said, adding that Dalian’s strategy is to build up a portfolio over the next 10 to 20 years as a “good place to put money and a good hedge.” The company is both the developer and financier of its projects giving what Nolan said was an ability to take on unique and complicated projects such as the Rodin. Read more about this story at PBJ.com
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