On March 22, 2018, the Philadelphia Business Journal honored the Best Real Estate Deals of 2017. These awards are given to deals ranging from successful sales, to renovations, and to project completions. GBCA members Torcon, Inc. and Intech Construction were both honored at the awards ceremony. Congratulations to all who worked on these projects!

Best University Deal Winner: Rowan University-Holly Pointe Commons

  • 15 Carpenter St., Glassboro, N.J.
  • Developer: University Student Living, a division of the Michaels Organization.
  • Architect: Erdy McHenry Architecture
  • General Contractor: Torcon Inc.

Rowan initiated its first-ever public-private partnership with University Student Living, which is part of the Michaels Organization, to develop a $145 million student housing complex called Holly Pointe Commons. The 302,900-square-foot complex involves four-story and seven-story buildings that are connected by a bridge. Holly Pointe Commons has space for 1,400 freshman, a 20,000-square-foot dining facility that can seat more than 500 students as well as seminar rooms and laundry facilities.

Best Sale Award Honoree: The View-Phase II-Financing

  • 12th Street and Cecil B. Moore Avenue, Philadelphia
  • Developer: Goldenberg Group
  • Financing: Goldman Sachs & Co.’s Broad Street Real Estate Credit Partners III fund provided $163 million in nonrecourse financing for the development. Ackman-Ziff served as capital adviser to Goldenberg.
  • General Contractor: Intech Construction
  • Architect: Niles Bolton of Atlanta

Construction started last fall on a $199 million student housing project next to Temple University’s main campus in Philadelphia that will be a companion to the View at Montgomery. The Goldenberg Group of Blue Bell is the driver of the 470,000-square-foot development at 12th Street and Cecil B. Moore Avenue that is referred to as View II. The View II project will have 368 residences and a total of 984 beds. The units will be fully furnished and include amenities like a 24-hour concierge, coffee bar and fitness center. There will be 30,000 square feet of ground-level retail, restaurant and commercial spaces. View II is the final phase of the redevelopment of the 4.6-acre parcel and is expected to be complete in the summer of 2019.

Click below to read the full list of winners of the Philadelphia Business Journal’s Best Real Estate Deals of 2017: