Tower Investments Inc. plans to break ground this fall on what will end up being a $500 million mixed-use development on a high-profile site at Broad Street and Washington Avenue in Philadelphia.
The project at 1001 S. Broad St. involves the construction of 1,100 apartments over two to three phases as well as 65,000 square feet of retail space that will be anchored by a 40,000-square-foot Giant Food Stores supermarket. The development will involve several structures that will end up totaling 1.5 million square feet.
While the development is expected to cost around $300 million, the installation of infrastructure and other work for the entire site is anticipated to add tens of millions of additional dollars to the cost of the project. Tower CEO Bart Blatstein said the total investment would come in at around half a billion dollars.
Blatstein has been entertaining a development on the 195,000-square-foot parcel since 2014, coming up with various designs of which some seemed outlandish and others received pushback from the community.
One version had a dog park, pool, running park, private garden, fire pits, grilling areas, an outdoor movie area, and tennis courts that would have converted into volleyball pits all on the roof of a proposed building. Those plans never materialized and Blatstein went back to the drawing board.
“It’s been an odyssey for years,” Blatstein said.
*Article courtesy of Philadelphia Business Journal
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