PHILADELPHIA — Tutor Perini Building Corp., a subsidiary of Tutor Perini Corp. (NYSE: TPC), has been awarded a contract to build the first phase of the East Market redevelopment project for National Real Estate Development in Philadelphia.
The initial contract, which includes demolition and abatement, is valued at approximately $5.5 million and is currently underway. The construction phase of the contract, which will follow, is valued at approximately $112 million.
The mixed-use development is located in Center City Philadelphia. At full build-out, Phase I of East Market will include an 18-story, 500,000-square-foot mixed-use complex that will encompass the entire city block between Market and Ludlow, 11th and 12th streets.
“We’re pleased to be building again for this owner and proud to be making our contribution to the growth and revitalization of Girard Square,” says Peter Sukalo, executive vice president of Tutor Perini Building Corp.’s Philadelphia office.
East Market will feature a 16-story, 322-unit apartment building spanning 230,000-square feet, a 19,000-square-foot amenity level, and an outdoor deck above a two-story, 105,000 square-foot split retail podium. In addition, the property will include 114,000 square feet of parking.
National Real Estate Advisors, JOSS Realty Partners LLC, Young Capital LLC, and SSH Real Estate own East Market. BLT Architects is the project architect.
National Real Estate Development is the project developer. National Development has managed and consulted on the development of projects across the United States including office, multifamily, retail, hotel and mixed-use properties.
According to Tutor Perini, a civil and building construction company that provides general contracting and design-build services, the project is expected to be substantially completed by late 2016.
The company’s stock price closed at $23.50 per share on Monday, April 13, down from $29.73 on Friday, April 11, 2014.
— Danielle Everson