PHILADELPHIA | East Market | 284 & 248 FT | 24 & 20 FLOORS

[shadowbat2]

Nine Design Center merchants lease space at new East Market project

Decorating and home-interiors merchants that now occupy Center City's Marketplace Design Center will be relocating to the East Market project when the first phase of the blockwide mixed-use development is completed in fall 2016.

Nine merchants will lease 48,000 square feet at the former Family Court building at 34 S. 11th St., which is being renovated as part of the $500 million project, developer National Real Estate Development said Thursday in a news release.

"The area east of Broad Street has become the vibrant heart of Philadelphia's design community, with so many designers, architects and furniture stores calling it home," Gregory Augustine, owner of the Baer Collection furniture and lighting showroom, said in the release. "In moving to East Market, we have the opportunity to make our showrooms even more accessible to the design community and Philadelphia consumers and to create a 'design hub' right here in Center City.

NREA and co-owner SSH Real Estate also announced Thursday that they had closed on a $38.5 million construction loan with Wells Fargo to continue work at the East Market site.

The home-decor merchants will occupy two full floors at East Market, with the option to expand by another 24,000 square feet as their businesses grows, the developers said.

The merchants plan to move this month to a temporary location at the historic Witherspoon Buiding at 1319 Walnut St. and remain there until the permanent space at East Market is ready. They are leaving prior to Marketplace Design Center's redevelopment into an office and residential complex by PMC Property Group, which purchased the industrial building with a partner last year.

Their space at East Market will be known simply as the Design Center. The merchants include Kravet Fabrics, Beatrice & Martin floor coverings, and others.

The developers have already announced that Mom's Organic Market will lease space at the former Family Court building.

"East Market will be a place for the creatives, innovators and young professionals who value design and originality, and want to be in the center of it all," said Daniel Killinger, NREA's managing director. "The Design Center showrooms perfectly complement our vision for this historic and transforming section of Philadelphia, and we are delighted to welcome them to East Market."

jadelman@phillynews.com

215-854-2615 @jacobadelman

Read more at http://www.philly.com/philly/busines...D3rvgkM9LOI.99

[summersm343]

Update from Building Philly



More photos here:
https://www.facebook.com/BuildingPhilly

[1487]

I'm surprised they haven't announced any other leases yet. Then again- 1100 Chestnut is much farther along.

[Kidphilly]

Originally Posted by 1487

I'm surprised they haven't announced any other leases yet. Then again- 1100 Chestnut is much farther along.

mabe they will release retail more together then individually

I speculate a large Urban Outfitters here somehting more grand for the hometown guess we will see

[summersm343]

Originally Posted by 1487

I'm surprised they haven't announced any other leases yet. Then again- 1100 Chestnut is much farther along.

Yeah, this is still far out. As the structure starts to form, we'll probably hear more and more lease announcements.

[AJM]

Tower crane this weekend, if no rain.

[summersm343]

Originally Posted by AJM

Tower crane this weekend, if no rain.

Boom! CHOP 700 Schuylkill before the pope too by any chance?

[summersm343]

More Juicy info from PhillyMag

Soens said today that the Design Center will initially takes floors 3 and 4, which leaves floors 2 and 5 through 8 up for grabs. SSH is still in negotiations with "other design-related tenants," according to Soens, some of whom have either outgrown their space in Midtown Village or are seeking to get in on the action east of Broad Street, as was the case with the Design Center. "High-end tenants like [the Design Center] will only help that momentum kind of snowball now," said Soens.

Speaking of the momentum on Market East, Killinger said they're "very active" on the retail spaces on the Market Street and Ludlow Street sides of the project and anticipates announcing the first retailers there in the fall.

You may recall that the project breaks up the superblock that was once Girard Square into a more neighborhood, pedestrian-friendly experience. A new promenade called Chestnut Walk will run north/south through the project and be lined with retail and restaurants. Both Ludlow Street and Clover Street will be re-opened to traffic, and Killinger said that there will be restaurants in the back of the Stephen Girard Building and also 34 South 11th Street.

Read more at http://www.phillymag.com/property/20...Y8LM1iY1kPv.99

[summersm343]

Tower crane going up!

Update from Building Philly





https://www.facebook.com/BuildingPhilly

[shadowbat2]

Quick shot while on my way someplace:
007 by tehshadowbat, on Flickr

[SJPhillyBoy]

Can this image be placed in the first post please?



Photo/renderings courtesy Phiilymag.com by BLT Architects, of the East Market development.

This one also please:




East Market Inks Design Center, Closes $38.5M Construction Loan

Nine design businesses will make the leap across Broad Street and into 48,000-square-feet of space at 34 South 11th Street, part of the East Market project.

Read more at http://www.phillymag.com/property/20...bs5L5UWkWF0.99


This is an outstanding transformative project for the city. Things are changing dramatically.

[SJPhillyBoy]

An 8-story, $25M bet that Market East becomes a tech corridor

2016's must-have accessory for ambitious real estate developers? Coworking and startup-friendly office spaces.

http://technical.ly/philly/2015/04/1...h-real-estate/



A rendering of 34 S. 11th St. (Courtesy photo) phillymag.com

[shadowbat2]

081 by tehshadowbat, on Flickr

082 by tehshadowbat, on Flickr

085 by tehshadowbat, on Flickr

087 by tehshadowbat, on Flickr

088 by tehshadowbat, on Flickr

090 by tehshadowbat, on Flickr

[1487]

Just saw it this morning. They placed it WAY up there- I guess they didnt want to have to jack it for a long time. It's much higher than the crane at 1601 Vine for example. Its got to be over 100 feet already.

[summersm343]

Tower crane!

[1487]

They are stripping all the brick off the old family court building in preparation for the new facade and windows. There really doesn't seem to be a lot of work going on inside the building- nothing visible from street level at least. I dont see any walls yet.

[iheartphilly]

Originally Posted by 1487

They are stripping all the brick off the old family court building in preparation for the new facade and windows. There really doesn't seem to be a lot of work going on inside the building- nothing visible from street level at least. I dont see any walls yet.

Probably a good thing to get the exterior done first before we get into the winter months. They can work inside during the winter months.

[shadowbat2]

9/20:
093 by tehshadowbat, on Flickr

094 by tehshadowbat, on Flickr

They still have the old Snellenburg's foundations in place (you can even see some of the old store thresholds):
095 by tehshadowbat, on Flickr

Severing old connections:
101 by tehshadowbat, on Flickr

It's safe to assume last time the Girard building got cleaned was before all of us were born:
102 by tehshadowbat, on Flickr

[summersm343]

All the way to the right of the picture. You can see the tower crane.

The City of Philadelphia by James, on Flickr

[1487]

I'll be glad when this thing comes out of the ground. its been a long time coming....