Radnor Property Group and Community College of Philadelphia Break Ground on The Hamilton
September 12th, 2017 (Philadelphia, P.A.) Radnor Property Group and Community College of Philadelphia have today officially commenced construction on The Hamilton, an innovative mixed-use development located at 15th and Hamilton Streets. Conceived by project developer and owner, Radnor Property Group, the $150 million urban development, located steps from the College’s Main Campus, will bring to Philadelphia a total of 600 market-rate apartments designed to cater to the area’s young professional segment and the educational centers.
The first phase of The Hamilton, designed by MY Architecture, consists of an $82 million apartment tower with over 1,600 square feet of retail space. Radnor Property Group President Dave Yeager has been praised for his thoughtful development, as Radnor Property Group has proven to be a leader in projects with complex financial structuring, specifically in the growing “Eds and Meds” realm. As seen most recently with projects such as 3737 Chestnut and the rehabilitation of the Philadelphia Episcopal Cathedral; and University City’s newest luxury residential tower, Vue 32, Radnor Property Group works with universities and other private institutions to develop projects with mutually-beneficial results for all parties. “We are thrilled to bring this collection of amenity-driven, market-rate apartments to this growing area” says Dave Yeager, President of Radnor Property Group. The Hamilton will breathe new life on the site of the former Philadelphia Inquirer paper transfer facility, which is located between Spring Garden and Callowhill Streets. “By retrofitting this underground high-bay warehouse for parking, we utilize existing infrastructure to save costs and promote green building principals to create an exciting new residential community with parking completely hidden from view.”
This collaboration between Radnor Property Group and Community College of Philadelphia via a long-term ground lease agreement will bring luxury housing to young professionals and students at a competitive rate. “Market-rate apartments are one of the many new offerings that students can utilize, should they wish to live near campus.” said Dr. Donald Guy Generals, President of the Community College of Philadelphia. “The Hamilton will have an impact on this neighborhood, including residents and businesses who will have a transformed, bustling new hub where an otherwise unoccupied corridor once stood.” Radnor Property Group will provide roommate matching services for residents, with fully furnished apartments as an option.
Residents will be in walking distance to Center City, including the Comcast Innovation & Technology Center; the cultural and shopping amenities of Logan Square and the Art Museum. The Hamilton will feature a landscaped private courtyard for gatherings, and will include fire pits, gas grills and wide-screen televisions. The building will also feature a fitness center and yoga room; a club lounge with a fully equipped kitchen and fireplace; conference rooms; a Billiards and game room; a coffee bar and think space; and a secure underground parking garage.
Completion of the project is scheduled for August 2018.
Radnor Property Group:
Radnor Property Group LLC (“Radnor”) of Wayne, PA, is a real estate development company whose leadership spans over 30 years with a specialty in profitable complex urban multi-family and mixed-use development projects of all sizes and types. In addition to conventional development transactions, oftentimes Radnor utilizes its expertise in creative financing structures involving state and federal tax credits, grants and low interest loans. In numerous cases Radnor forms public-private partnerships known as P3s with non-profit institutions such as colleges, universities and religious organizations realizing profitable developments by capitalizing on the synergies provided by these well-established organizations. This expertise has enabled Radnor to compete in thriving educational and medical service locations known as “eds and meds” with a reputation of working closely with its “public” partners in executing a development strategy.
Community College of Philadelphia
Community College of Philadelphia is the largest public institution of higher education in Philadelphia and the sixth largest in Pennsylvania. Community College of Philadelphia, the City’s college, is ideally positioned to respond to the rapidly changing landscape for higher education. Over the past 50 years, the College has lived up to its mission by providing educational access for over 700,000 Philadelphians, setting families, businesses and neighborhoods on a path to shared prosperity and opportunity. The College’s 2017-2025 Strategic Plan affirms a long-standing commitment to quality, access, affordability and upward mobility. The plan firmly plants student success at the center of all efforts, establishing the means for each student to achieve their goals. This focus extends beyond the classroom, encompassing connections with the community, the educational pathways of students before and after their time with us, the regional economy and workforce, and the overall environment and stability of the College. Visit the College at www.ccp.edu. Follow us on Twitter. Like us on Facebook.