Monday, April 16, 2012

Tower Place Project Starting Up in Philadelphia

Tower Investments Inc. tomorrow will kick off the construction of Tower Place, a $120 million redevelopment of the former state office building and construction of a new residential tower at Broad and Spring Garden streets in Philadelphia. 

The build-out at 1400 Spring Garden Street will be comprised of 400 residential units and 60,000 square feet of commercial space.

Phase one is the conversion of the 300,000-square-foot former state office building into 204 high-end apartments that will have a fitness facility and a 24-hour concierge on staff. That work is expected to be completed by the end of this year.

Phase two consists of building a new 18-story, 200-unit residential tower along 15th Street adjacent to the existing building. Phase two also includes ground-up construction of a two-story, 60,000-square-foot retail building along Spring Garden Street.