PHILADELPHIA--(BUSINESS WIRE)--Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today announced that the Philadelphia office of its subsidiary, Tutor Perini Building Corp., has been awarded a contract to build the first phase of the East Market redevelopment project, located in Center City Philadelphia, for National Real Estate Development. 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.
At full build-out, Phase 1 of East Market will consist of an 18‐story, 500,000 gross square-foot mixed-use complex that encompasses the entire city block between Market and Ludlow, 11th and 12th Streets. The project will include a 16-story, 230,000 square-foot, 322-unit apartment building, as well as a 19,000 square-foot amenity level and outdoor deck above a two-story, 105,000 square-foot split retail podium. Additionally, there will be 114,000 square feet of below-grade parking. East Market is owned by National Real Estate Advisors, JOSS Realty Partners LLC, Young Capital LLC, and SSH Real Estate. BLT Architects is the project architect.
Substantial completion is anticipated to occur in late 2016. The full contract value will be included as part of the Company’s reported first-quarter backlog.
Tutor Perini’s top local executive, Peter Sukalo, said, “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.”
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures.
About National Real Estate Development, LLC
National Development has successfully managed and consulted on the development of complex projects in selected cities across the U.S. including office, multi-family residential, retail, hotel and mixed-use properties. These projects generally consist of high-density, high-rise developments located in primary urban areas where experience is the key to successful outcomes. National Development senior staff members average more than 25 years of experience in various aspects of real estate development and construction, including architecture, engineering, construction and finance. National Development has been engaged by Girard Square A NY, LP under a Development Services Agreement to provide comprehensive development management and construction management services from pre-development through completion of construction.
About East Market
East Market, a pedestrian oriented development in the heart of Philadelphia, will revitalize an entire city block, from Market to Chestnut, 11th to 12th Streets. This mixed-used project will blend urban and artisanal shopping and dining experiences with contemporary work and living spaces. The project is owned by National Real Estate Advisors, LLC, an SEC-registered asset management advisor investing in major U.S. urban markets and subsidiary of the National Electrical Benefit Fund; Joss Realty Partners, a private real estate investment firm; Young Capital LLC, a Philadelphia-based real estate investment firm affiliated with Classic Management, Inc.; and SSH Real Estate, one of the largest privately held commercial real estate companies in the Greater Philadelphia Region. East Market is being developed by National Real Estate Development, LLC. For more information, please visit www.eastmarketphilly.com or email at email@example.com.