Evolutionary Living in Rittenhouse
Today’s young renters are a force to reckon with, says Aquinas Realty CEO Len Poncia (snapped speaking at the groundbreaking for AQ Rittenhouse last month). Center City’s 25-34 population grew 58% from 2008 to 2012 (you may have noticed a longer line at the ATM) and makes up over a third of all households downtown, making Center City is the most populous downtown in the US outside of Manhattan. Although cranes are popping up everywhere, Len says, the number of new units increased just 3.4% over the last two years, and Philly’s vacancy rate remains lower than the national average by almost a full percentage point. Lenders are more cautious post-recession, and today’s strong financial underwriting fundamentals ensure that the development pipeline will be steady for the foreseeable future.
AQ Rittenhouse is next in the multifamily pipeline. The former YWCA annex site at 20th and Chestnut will see the rise of a 12-story building designed by BLTa and Stampfl Associates, with 110 units from studio to two-bedroom available for occupancy by late 2014. They’re aiming for an evolutionary living experience, which BLTa principal Michael Ytterberg calls “dense, urban, and cool,” to attract renters who are community-minded. From the standard hardwood floors and granite countertops to Juliet balconies, the units will have access to a central courtyard and second-floor garden, a sky terrace with hot tub, and gathering space and panoramic views (to watch the cranes, among many other things). To stay sound and well, there will also be a fitness center, pet washing center (if people pampered themselves half as much as they pamper their dogs, we'd all be a lot more relaxed), car-share parking, internal bike storage, and a yoga room.
And retail is keeping pace: Len notes that Center City has four times as many restaurants it had a decade ago, and as the fourth most walkable city in the US, people like living near the action. In Rittenhouse, The Cheesecake Factory and Nordstrom Rack are coming along (don't go to the former if you plan on shopping at the latter), and Len notes real momentum is being seen on Chestnut Street, including Uniqlo, Forever 21, Joan Shepp, and the iPic at the Boyd cineplex right down the block from AQ. His enthusiasm also covers Market East (pictured), where Century 21 is coming to the old Strawbridge's this fall, and 1100 & 1200 Chestnut, where Brickstone Realty and National Real Estate Advisors have big mixed-use projects in the works.
Len says that “doing well by doing good” is his guiding principle. Here he is with the Little Sisters of the Poor at their elderly care home in Southwest Philly, where he’s been involved since 1991. Aquinas team members also champion causes including those of the Delaware Valley Alzheimer’s Association and the MS Foundation.
