From Philadelphia Bisnow:
National Real Estate Development has started move-ins at The Ludlow, the first multifamily component of its East Market development. Philadelphia Bisnow toured the building—built by Tutor Perini Building Corp.—on May 16 with National Managing Director Dan Killinger, visiting staged versions of a two-bedroom, one-bedroom and studio unit as well as the amenity space on the third floor.
The 18-story, 322-unit building is “introducing residential to Market Street, which is a big deal,” BLT Architects principal Michael Prifti said. BLT Architects designed the building, with the residential component on top of a two-story podium made up of retail, with a portion of the ground floor cut out for a tenant lobby, lounge and business center.
Among the retailers below the residential component are MOM’s Organic Market (fit-out completed by Clemens Construction Company), AT&T and T.J. Maxx, which will take up most of the second floor when complete. Though the property abuts Market Street, The Ludlow’s entrance is aptly on Ludlow to prevent residents from being confronted with Market Street’s hustle and bustle the second they exit the building.
Move-ins started in April and the units were about 20% leased as of May 16, according to Killinger. A second residential building at East Market is under construction by Clemens Construction Company, with part of it dedicated to furnished, short-term rentals.
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