12C — November 19 - December 23, 2021 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


O wners , D evelopers & M anagers

SKAPC to master-plan Troy Towers renovations

Bohler Engineering serves as civil engineer IMCConstruction announces topping off ceremony inPhila.

UNIONCITY, NJ — Steven Kratchman Architect PC (SKAPC) has been appointed by the board of directors of Troy Towers, a 22-story multifam - ily residential building at 380 Mountain Rd. in Union City, to create a visionary master plan for upgrading and renovating the property. “Our master plan for Troy Towers is the first part of a multi-tiered program to trans- form the community into a contemporarily positioned mul- tifamily property,” said SKAPC owner and founder Steven Kratchman . “The master plan will serve as a guide for the board and its residents over the next five to 10 years where they can prioritize potential up- grades, meet current and future resident needs, and increase property values.” SKAPCwill provide the board with a long-range plan which incorporates multiple leading trends for multifamily proper- PITTSBURGH, PA — The Pennsylvania Housing Fi- nance Agency has awarded a 9% Low-Income Housing Tax Credit (LIHTC) to enable Cedarwood Homes – an age- restricted, affordable housing redevelopment in Pittsburgh – to move forward, announced Tryko Partners. Last year, the real estate investment firmwas granted the right to develop the former Fairywood School site in the city’s west end in a competitive bid process man- aged by the Urban Redevel- opment Authority (URA) of Pittsburgh . The federal LIHTC program is administered by the Penn- sylvania Housing Finance Agency for the development and rehabilitation of afford- able rental housing targeted to lower-income households. Isaac Sassoon, Esq. , senior vice president at Tryko , noted that moving forward with the development was contingent on this key award. Cedarwood

HILADELPHIA, PA — IMCConstruction, Parkway Corpora- tion, and Gensler announce the topping off ceremony for 2222 Market St., which will serve as the new founding of- fice for the Morgan Lewis law firm. The ceremony took place on November 5th at the proj- ect site in Philadelphia. This 365,000 s/f building is being developed by Parkway which broke ground in September of 2020 and core and shell is scheduled to be completed in the middle of 2022. “After overcoming COVID and severe weather impacts, IMC Construction is particu- larly proud to celebrate the topping off ceremony of 2222 Market Street as originally scheduled,” said Michael Lloyd, executive vice presi- dent of IMC Construction. 2222 Market is the first non-Comcast commercial of- fice building in Philadelphia’s central business district in over 30 years. The 19-story tower will feature 10’ high ceil - ings throughout with floor-to- ceiling glass, multiple outdoor terrace amenities, flexible workspace planning, fitness center, and conference cen- ter and ground level retail. P

380 Mountain Rd.

ties. The scope of work includes brainstorming and prioritizing short- and long-term projects in conjunction with repair work that is currently in progress. Built in 1966, the luxury building offers breathtaking views, overlooking the Lincoln Harbor Marina, Hoboken, the Hudson River, and New York City. When bringing on SKAPC to develop its renova- tion and the upgrade master plan, the client was famil- iar with SKAPC’s extensive experience rebranding and repurposing luxury high-rises along the Gold Coast of New Jersey. MAREJ Homes has received notable support; earlier this year, the Housing Authority City of Pittsburgh (HACP) committed approximately $1.6 million in gap financing funding, along with 24 project-based Section 8 vouchers for the project. Located at the corner of Broadhead Fording and Village Rd. in Pittsburgh’s Fairywood neighborhood, the Cedarwood Homes development plan in- cludes 46 total units, 39 of which will be affordable to residents with incomes up to 60% of the area median income. The project features spacious one-bedroom units with cov- ered porches, surrounded by a series of walkable, park-like green spaces. State Senator Wayne Fon- tana, with the support of Pitts- burgh Mayor William Peduto and his chief of staff, Dan Gilman, played a critical role in spearheading the effort to secure the funding for Cedar- wood Homes. MAREJ

2222 Market St.

The building is specifically designed to have an extraor- dinarily light carbon footprint. “Parkway is exceptionally proud of all of the great people contributing to topping off 2222 Market St. We par- ticularly thank the highly skilled, diverse team of dedi- cated workers from the vari- ous trades for being such an important part of building the city’s future together,” said Brian Berson , president of Parkway Commercial Proper- ties, Inc. The 2222 Market St. project team includes construction manager IMC Construction; architect Gensler; MEP En- gineer DEDC LLC ; struc- tural engineer Thornton

Tomasetti ; civil engineer Bohler Engineering ; as well as multiple minority-owned and women-owned companies within Philadelphia. “We are thrilled to see this milestone reached on 2222 Market Street and offer our congratulations to all of our partners on this project—par- ticularly our client, Parkway Corporation. The design of this project redefines what commercial space in the heart of Philadelphia can and will be—multi-use and communi- ty-building, sustainable, and offering tenants incredible ac- cess to outdoor spaces.” –Ste- phen Freret, senior associate and project manager, Gensler Philadelphia. MAREJ superb development partner Avenue are delighted to cre- ate a vibrant place for seniors to be together without leaving York.” Matt Kwapis, vice-presi- dent of development for Av- enue Development added, “Avenue Development has a rich history of going well beyond the walls of a building to provide developments that positively impact the commu- nities in which we serve. We are excited to partner with IntegraCare to build a world- class senior living community that will focus on all aspects of comprehensive senior health care.” Ideally located on the pictur- esque grounds of the former Fitz Farm in York Township, this new community will have a mix of studio, one and two bedroom apartments. Outdoor patios, walking paths, fitness center, hair salon, bistro, rathskeller, library, activities rooms and a sunroom are just a few of the many amenities available to residents and their families. MAREJ

Development milestone: Cedarwood Homes awarded federal 9% LIHTC

Integracare Corporation announces groundbreaking

WEXFORD, PA — In- tegraCare Corporation , based in Wexford and Ave- nue Development , based in Indianapolis, IN. announced the groundbreaking of a new Independent Living, Assisted Living, and Memory Care community in York Township located at 2200 Springwood Rd. in York, Pennsylvania. Warfel Construction will begin construction following the groundbreaking with an anticipated opening in early 2023. The new 124,000 s/f community will feature 130 apartments (68 independent living, 42 assisted living, and 20 memory care). IntegraCare Corporation, together with developer Av- enue Development is setting new standards for seniors and their families with the creation of this new com- munity that will feature not only vibrant and active in- dependent living, but also best-in-class assisted living care. IntegraCare believes in creating an environment that facilitates a sense of belong-

ing and opportunities that improve quality of life for all residents. IntegraCare’s Life Stories Memory Care Pro- gram offers a safe, warm and dignified setting for seniors living with memory impair- ments such as Alzheimer’s and other forms of dementia. In assisted living, residents needs will be met with a 24-hour personal care team as well as with apartments designed with safety, mobility and independence in mind. In-house chefs prepare three nutritious meals daily. “York has a great tradition of senior housing, but it’s been many years since a new com- munity has been built. Since then, many innovations have occurred-- we are excited to bring the best of them to York,” said IntegraCare CEO Larry Rouvelas . “Most of us want to live in a vibrant community: spending time with friends, doing things with purpose, and getting the services we need. Life is better when we are together. That’s why IntegraCare and our

A Tale of Two Tax Scenarios: Cost Segregation Services Offer Investors . . .

Cost Recovery Solutions LLC works with commercial property owners and tax pro- fessionals to maximize depre- ciation deductions, reducing client income taxes and boost- ing their return on invest- ment. Services include cost continued from page 9C

segregation studies, energy tax services and tangible as- set appraisals/reviews. Learn more at CRS’ Capabilities Brochure). Robert Rahner, CFA, ASA, CCSP, is the manag- ing director of Cost Recov- ery Solutions LLC. MAREJ

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