18C — March 29 - April 11, 2019 — The Best of 2018 — M id A tlantic
Real Estate Journal
The BEST URBAN REVITALIZATION PROJECT of 2018 City Center Investment Corporation City Center Allentown Allentown, PA
Five City Center
The LARGEST HISTORIC PRESERVATION PROJECT of 2018 Paramount Assets William Flats Newark, NJ Procida Funding & Advisors The Philadelphia Metropolitan Opera House NJHMFA The Residence at Roosevelt Park Edison, NJ City Center Allentown is a major mixed-use development that is helping transform downtown Allentown, PA, into one of America’s most vibrant urban communities and a regional center of excellence for business, culture and metropolitan living. With Allentown’s new arena, PPL Center, at its core, City Center includes more than 1.5 million s/f among four class A office towers, the Renaissance Allentown Hotel, STRATA Flats and 520 Lofts, upscale retail and restaurant space and a coworking space called Velocity. City Center’s total investment in downtown Allentown is $455 million, with another $235 million under development and $300 million in the planning stages. In 2017, the Downtown Allentown Revitalization District was honored with a Global Award of Excellence by the Urban Land Institute (ULI). Size: 243,000 SF lease in a 300,000 SF office tower City Center Investment Corporation (CCIC), the real estate development company revitalizing downtown Allentown, Pennsylvania, announced in 2018 ADP ® has signed a long-term lease in Five City Center. ADP, one of the world’s largest HR providers with 700,000 clients worldwide, has leased the top 10 of Five City Center’s 13 floors, or 243,241 s/f, for a regional inside sales division – its largest in the world. ADP is headquartered in Roseland, NJ. Five City Center, due for completion in September 2019, will feature an all-glass exterior with a two-story main entrance set back from the street.
Size: 45,000 SF Situated in the heart of Newark’s historic Four Corners neighborhood, William Flats symbolizes the continuation of the City’s ongoing revitalization. The project centers on the adaptive reuse of the former United Women’s Garment Workers’ Union headquarters property. Paramount Assets preserved elements of the original building, including its architecturally distinctive façade, while incorporating modern conveniences into the property’s 37 studio, one- and two-bedroom apartments. With an emphasis on bring- ing “green” elements into an urban setting, the design also features a four-story open-air courtyard core with a ver- tical garden and landscaped deck. A 12,000-square-foot ground-floor retail component offers neighborhood con- veniences for residents and the community.
Size: 106,066 SF The Residence at Roosevelt Park, a renovation and adap- tive-reuse of the original 1937 Roosevelt Hospital in Edison, N.J., was transformed into an affordable housing community for seniors aged 62 and older. The revitalized building, developed by Pennrose, LLC, and Middlesex County, includes 85 apartments for senior residents with income limits ranging from $36,900 to $56,940. Twenty- two units are prioritized for veterans, and five are set aside for homeless individuals. Roosevelt Hospital, a Colonial- revival structure of red brick and limestone, was originally built as part of the New Deal through the Federal Public Works Administration.
Size: 136,000 SF What started with a signature $3 million Pre-Development Loan from Procida Funding in 2015 to complete environ- mental remediation, architectural design, structure draw- ings, and other pre-development work, evolved into a $56 million financing package orchestrated by Procida Funding for developer, Eric Blumenfeld, and his partner, Reverend Mark Hatcher of Holy Ghost Revival Center at The Met to restore the opera house which originally opened in 1908 at 858 N. Broad St. in Philadelphia. The project is net leased to Live Nation operates the venue as a location for con- certs and events. Signage rights for The Met were sold to Citibank.
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