Alterra Property Group has secured a $120 million loan for its upcoming $180 million mixed-use project, LVL North, at Broad and Spring Garden streets. Clemens Construction Company has been named the general contractor for the project. The project will be built using modular construction techniques.
The 9-story building will feature 410 apartment units, 288 underground parking spaces, and 110,000 square feet of commercial space. A grocer has leased 50,000 square feet of the ground floor retail space.
From the Philadelphia Business Journal:
The $120 million loan with the Bank of the Ozarks paves the way for Alterra to break ground next week on the development called LVL North, which is pronounced as Level North and borrows from another project Alterra completed called LVL 4125 at 4125 Chestnut St. in University City.
The development is also being built using modular construction, the third such project Alterra has used that approach. The parking and ground floors will be constructed using steel and concrete and then modular components will be stacked on top of that podium.
Modular construction, sometime referred to as pre-fabrication, has been gaining popularity in Philadelphia and elsewhere across the U.S. Universities are using it for student housing and dorms and the hospitality industry is starting to embrace it for hotels where every room and lobby has a standardized design.
Read more from the Philadelphia Business Journal (subscription required):