This Week's Philadelphia Deal Sheet
The diversity efforts by Ensemble/Mosaic at the Philadelphia Navy Yard have begun to take on a life of their own.
Ayotunde Ogunbiyi, Joe Val and Josh Weingram have founded Ally Management Partners, a new firm offering project management, construction management and owner representation services.
Ally began coalescing soon after Ogunbiyi's Ayo Partners began providing owner's representation services for Ensemble/Mosaic's life sciences building at 1201 Normandy Place in the Navy Yard.
After Ogunbiyi formed Ally, joined by Val of Oval Project Management and Weingram of Concierge Construction Services, the new company was named owner's representative for AVE Navy Yard, Ensemble/Mosaic's forthcoming collaboration with Korman Communities to build the first new residential development at the site since the 1940s.
PARTNERSHIPS
IWG signed a management partnership agreement with SkyREM to operate a 26K SF Regus coworking space at Quartermaster Science and Technology Park in Southwest Philadelphia.
With opening targeted for the first quarter of next year, the Regus at 2800 South 20th St. is the largest of eight forthcoming coworking spaces IWG announced across Pennsylvania. The remaining seven, totaling 54K SF, will be spread across Pittsburgh and Central Pennsylvania.
CONSTRUCTION
Lehigh University awarded a $70M contract to Skanska for the redevelopment of its historically protected Clayton University Center. The Swedish construction giant is underway on the project, which will renovate gathering spaces, offices, meeting rooms and lounge areas for the 30K SF masonry building on Lehigh's Allentown-area campus.
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The Buccini/Pollin Group on July 20 broke ground on another multifamily development in Downtown Wilmington, Delaware, where it is among the most dominant forces in commercial real estate. The 61-unit Humble Park at 317 North Market St. is estimated to cost $16M and scheduled to be completed next summer.
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March Construction has broken ground on a 10K SF shopping center called The Yard that it is developing and building at 1591-1593 Alps Road in Wayne, New Jersey. Backed by construction financing from Kearny Bank and G.S. Wilcox & Co., the center has lined up national chains GNC, European Wax Center, Crumbl Cookies and OHM Fitness as tenants.
THIS AND THAT
Southern Land Co. announced that it surpassed $100M in condominium sales at The Laurel, its mixed rental and condo tower overlooking Rittenhouse Square at 1911 Walnut St. It still is offering several units starting above $2M. The 44K SF retail podium has been leased to local restaurant group Schulson Collective and boutique fitness chain Equinox, but neither has opened yet.
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Entrepreneur Anthony Ventura has set a September opening date for Players Courtyard Pickleball Club, an indoor-outdoor venue in Moorestown Industrial Park, the Philadelphia Business Journal reports. Ventura bought the 52K SF former Field House and installed the pickleball facility in 40K SF, while three in-place tenants occupy the rest.
CORRECTION, JULY 27, 4:10 P.M. ET: A previous version of this article misstated Ally Management Partners' position at the Philadelphia Navy Yard. This article has been updated.
