PHILADELPHIA — A partnership between The John Buck Co. and the INDURE Fund, a commingled real estate investment fund managed by National Real Estate Advisors, plans to begin construction today on 2116 Chestnut Street. The $100 million apartment high-rise in Philadelphia’s Center City will contain 316 units.
“We are truly excited to be involved in this major apartment development in Philadelphia, a city that we have been interested in for years,” said John Buck, chairman and CEO of the John Buck Co., in a prepared statement. “We hope that 2116 Chestnut Street will mark the beginning of a long-term relationship with Philadelphia for our firm.”
In addition to the apartment units, the building will include 9,150 square feet of retail space on Chestnut Street. The John Buck Co. purchased the property in October 2011. Completion is slated for the second quarter of 2013.
The Commonwealth of Pennsylvania, through the support of Gov. Tom Corbett, is providing financial assistance for the project, which is expected to create more than 800 construction jobs.
The John Buck Co. has completed more than $10.5 billion in real estate transactions and developed or redeveloped 40.7 million square feet of office, mixed-use, residential and hotel projects.
“We are pleased to be working on another project with The John Buck Co., one of the finest development companies in the country,” said Jeff Kanne, president and CEO of National Real Estate Advisors and manager of the INDURE Fund, in a prepared statement.
The INDURE Fund was established by National Real Estate Advisors to serve as the primary real estate investment vehicle for institutional investors related to the unionized electrical industry, as well as other institutional investors.
We believe in the future of Center City Philadelphia,” said Kanne, “and we are certain that 2116 Chestnut Street will be a successful and profitable addition to the INDURE Fund portfolio.”
— Savannah Duncan