Philadelphia Episcopal Cathedral Rehabilitation and Cathedral Center Projects
Radnor Property Group was the advisor and development manager of a new 41,000 square foot commercial and community center project and restoration of the 13,000 square foot historic Cathedral. The project is part of an overall infill development linking new construction of a $118 million mixed-use residential tower with the historic Cathedral to enhance the Cathedral’s mission as the seat of the Bishop of Pennsylvania. The larger project created much needed funding for the historic rehabilitation and restoration of key elements of the Cathedral.
This $15 million project consists of a new three-story 24,000 square foot office building with underground parking for 18 cars; a 6,000 square foot community center and a 10,000 square foot childcare center in the undercroft of the Cathedral. The office building houses the new headquarters of the Diocese and 4,000 square feet of ground floor community retail. Radnor was successful in procuring New Markets Tax Credits for the project, with PNC, TRF, and Commonwealth Cornerstone Group as allocates and PNC as the tax credit investor. Construction commenced in 2013 with completion in 2014.