Philadelphia — The Goldenberg Group has broken ground for a $199 million student housing development located on the edge of Temple University’s campus at 12th Street and Cecil B. Moore Avenue in Philadelphia.
The 470,000-square-foot property will feature 984 beds within one-, two-, three- and four-bedroom units. All 368 units are fully furnished with flat-screen televisions, stainless steel appliances, quartz countertops, dishwashers, icemakers and garbage disposals.
Community amenities include a 24-hour concierge; a coffee bar; fitness center with rooms for fitness on-demand, yoga and spin; an outdoor rooftop terrace; a social activities area; a business center; study and conference areas; a package locker system; sky lounge; indoor bicycle storage and on-site resident parking, including dedicated car sharing spaces and electric charging spaces. Additionally, the property will offer 30,000 square feet of ground-level retail, restaurant and commercial space opening to a plaza with seating, green space and activity areas.
The project is designed to complement The View at Montgomery, the company’s existing 832-bed student housing property. This is the second and final phase of Goldenberg’s master-planned redevelopment of the 4.6-acre site of the former John Wanamaker High School. The first phase opened in August 2014. The new development is slated for completion in summer 2019, in time for a fall semester occupancy.
Goldman Sachs & Co.’s Merchant Banking Division, through its Broad Street Real Estate Credit Partners III Fund, provided $163 million in non-recourse financing for the project. Ackman-Ziff, acting as capital advisor to Goldenberg, facilitated the financing. Intech Construction is serving as general contractor and Atlanta-based Niles Bolton is providing architectural services. Asset Campus Housing will manage the new property.