Mormon church brings more development to Philadelphia
2/19/2014 | Real Estate Blog
The Church of Jesus Christ of Latter-day Saints made several major building commitments to the city of Philadelphia in the past few years. One of those developments is a temple currently under construction on the corner of 17th and Vine. On Feb. 12, the city mayor and church officials made an announcement regarding additional church development in the area.
According to the announcement, which occurred at City Hall, the Mormon church is building an apartment complex at 1601 Vine Street. The tower will be located next to the temple and hold 32 stories. The area the tower is being developed on is currently a surface parking lot.
Church officials are not releasing details on the expected cost of the development, though experts estimate the price tag at approximately $120 million. The residential complex will comprise a total of 400,000 square feet. Around 12,000 square feet at the street level will be dedicated to retail space. The rest of the complex will be divided into 13 townhouses and 258 apartments along with a church chapel, courtyard and cultural center.
According to reports, this development will be one of 50 major projects currently being worked on in Philadelphia. The building was designed by a firm in Philadelphia in conjunction with another firm in a nearby state. There will be no public subsidies involved in the development, which is being built by Property Reserve Inc. and is expected to be completed in 2016.
Any development involves complex decisions making. From small residential add-ons to large scale buildings, projects require contractors to follow building codes and rules and file all appropriate forms. Missing a single form can delay development by weeks or months, making it essential for builders to understand local development law.
Source: Philadelphia Business Journal, “New 32-story residential tower coming to Logan Square” Natalie Kostelni, Feb. 12, 2014