This Week’s Philadelphia Deal Sheet: Luxury Build Opens On The Delaware River
A former music festival pier has officially reopened as Rivermark Northern Liberties, a luxury mixed-use development at 501 N. Christopher Columbus Blvd.
Jefferson Apartment Group and Haverford Properties partnered to redevelop the former 9-acre home of the Festival Pier concert venue into 470 residential units across two buildings, the companies announced Wednesday. The yearlong project cost $223M, according to WHYY.
The six-story buildings are anchored by a Sprouts Farmers Market on the ground floor that is not yet open to the public, Drew Chapman, senior vice president and development partner at Jefferson, told Bisnow. He added that space remains for up to four more restaurant or bar tenants.
The complex offers one- to three-bedroom apartments, including bi-level premium apartments and two- or three-bedroom condos. Units range from 527 SF to 1,605 SF.
The development took five years from the closing of the pier to the opening on Wednesday.
“It’s been a while coming. Working with Delaware River Waterfront Corp. was an early decision, but the process took years to realize,” Chapman said. “In the meantime, the riverfront has become more and more vibrant in the last five to 10 years, from Fishtown to Northern Liberties. It’s exciting to bring the highest-quality living and soon add restaurants to the eastern edge of the city.”
The complex will feature a future public art sculpture. Residents can already access a speakeasy lounge with outdoor terraces on both rooftops, a shared elevated swimming pool overlooking the river, two fitness centers with an interactive studio in each as well as clubrooms, coworking spaces and other amenities.
Construction debt financing was provided by Citizens Bank and Santander Bank. AFL-CIO Investment was an equity partner on the project.
SALES
The owner of a 43K SF industrial building on 2 acres in King of Prussia has sold the property for $5.4M to Pulaski Sports Ventures. Newmark’s David Nolan represented seller Stuart Miller in the sale.
The property could be converted from its former use as a sports training facility to light industrial or commercial use, Nolan said.
DEVELOPMENT
MM Partners' $5.5M mixed-use development at 1701 Fairmount Ave. has completed construction, and anchor tenant, Stone’s Beer & Beverage Market, has opened to the public. The project includes the 24-unit Avenue Flats, which offers roof decks.
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Hankin Group has begun expansion of the Haywood Business Park at 713 Haywood Drive in Exton. The project will add two 35K SF flex or industrial buildings built on spec for light industrial tenants. The new buildings include four dock doors, trailer doors at 20 feet high and flex knockout walls. It is expected to open by the first quarter of 2025.
THIS AND THAT
Cancer therapy firm BeiGene has opened a 400K SF flagship U.S. facility at the Princeton West Innovation Campus, about an hour north of Philadelphia in Hopewell, New Jersey. The site was part of an $800M investment by the private firm. The site is dedicated to manufacturing pharmaceuticals ready for sale as well as conducting research and development and will expand as the company matures, according to a press announcement.
“I am thrilled by BeiGene’s contribution to our state’s thriving biopharmaceutical sector,” New Jersey Gov. Phil Murphy said in the announcement. “We look forward to the positive impact BeiGene will have on our economy and the advancements they will bring to cancer treatment.”
