www.marejournal.com Real Estate Journal — The Best of 2017 — March 30 - April 12, 2018 — 47C The Best historic preservation project of 2017 Post Brothers M id A tlantic
L&M Development 540 Broad Street Newark, NJ
Paramount Assets Halston Flats Newark, NJ
Presidential City Philadelphia, PA
Size: 850,000 SF Presidential City is a historic landmark residential commu- nity on the outskirts of Philadelphia. Originally designed in the 1950’s it has been a highly recognizable landmark, tucked away in an office corridor outside of what many consider the city proper. It was once one of the most cutting-edge apart- ment complexes in the city, but after decades of stagnant management, age had taken its toll on the buildings. After Post Brothers’ acquisition of the complex in 2013, they instituted a $120 million redevelopment initiative which was completed in 2017, making it the single largest residential redevelopment in the Philadelphia region. Presidential City now offers upscale apartments in an area previously devoid of luxury options. Presidential City is one of the most sustain- able multifamily communities in the region, as all electricity is sourced from wind-powered generators, making it a fully carbon-emissions free property.
Size: 25,000 SF To further contribute to the revival and renaissance of Downtown Newark, Paramount Assets has transformed a 100+-year-old, five-story industrial site into a vibrant mixed-use property, helping to preserve the rich history of the building and area. The $2.62 million adaptive reuse project, named Halston Flats, is situated at 1225 Raymond Boulevard. Beautifully restored, the structure now boasts 16 one- and two-bedroom luxury apartments with 12-foot ceilings and 5,000 square feet of retail, including a Harvest Table restaurant and a Krauszer’s. This historic building transformation is an eco-friendly alternative to other new construction thanks to Paramount’s restoration approach rather than demolition and rebuild.
Size: 436,000 SF L&MDevelopment will convert this 20 story office building into a primarily residential use. Funding is being provided via Citi Community Capital and the Goldman Sachs Urban Investment Group. The building will have 263 residential units, a fitness center, ground floor retail, and about 80,000 SF of office space. 20%of the residential units will be affordable.
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