Tuesday, April 14, 2015

Tutor Perini Inks $117M Contract to Build Center City Philly's East Market Project

The developer of East Market, one of downtown Philadelphia's most long-awaited redevelopment projects, has awarded a $117 million contract to Tutor Perini Building Corp. to build the first phase.

The initial $5.5 million demolition of the blighted area known to many local residents as Girard Square is already under way, and the ensuing construction phase of the contract from National Real Estate Development, LLC is valued at about $112 million.

East Market, a pedestrian-oriented development covering a full city block of Center City from Market to Chestnut and from 11th to 12th streets, is owned by a partnership led by National Real Estate Advisors, LLC, an asset management subsidiary of the National Electrical Benefit Fund.

The other partners in the project include private investment firm Joss Realty Partners, Young Capital LLC, a Philadelphia-based real estate investment firm; and privately held CRE company SSH Real Estate.

The Philadelphia office of Tutor Perini Building Corp., a subsidiary of civil engineering and building construction global giant Tutor Perini Corp., will build the $230 million first phase, which will consist of an 18-story, 500,000-square-foot mixed-use complex.

The project will include a 16-story, 322-unit apartment building, an 19,000-square-foot amenity level and outdoor deck above a two-story, 105,000-square-foot split retail podium, and 114,000 square feet of below-grade parking.

Most of the project is slated for completion by late 2016. BLT Architects is the project architect.

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