Philadelphia, PA (PRWEB) August 26, 2014
Dalian Development and International Financial Company today announced that the companies will break ground Wednesday, August 27 on a massive mixed-use project named Rodin Square located in the heart of Philadelphia’s Center City.
The $160 million mixed-use community will bring 293 luxury apartments, 85,000 square feet of vibrant retail featuring a Whole Foods Market, and nearly 500 parking spaces to Philadelphia’s historic Art Museum neighborhood. The large-scale development is located in an exclusive location on the historic Ben Franklin Parkway, which was designed to reflect the architecture and stature of the Concorde at the base of the Champ-Elysees.
Rodin Square encompasses nearly a full square block, covering almost three acres, and has frontage on five streets: Spring Garden Street, North 22nd Street, Pennsylvania Avenue, Hamilton Street, and North 21st Street. Rodin Square, with the Dalian on Fairmount, is in close proximity to the Rodin Museum, the Philadelphia Art Museum, Fairmount Park, and the newly constructed Barnes Museum, which opened in May of 2012.
An 11:00 a.m. groundbreaking ceremony will be held Wednesday, August 27 at the intersection of Pennsylvania Avenue and 22nd Street. Speakers include Brady Nolan, Vice President of Dalian Development; Neal Rodin, Chairman, International Financial Company; Philadelphia Council President Darrell Clarke, Councilman Bill Greenlee, and Scott Allshouse, Whole Foods Market Mid-Atlantic Regional President.
“Quickly into our due diligence on Philadelphia we confirmed our thesis that it is an incredible 24/7, dynamic city with amazing retail and restaurants, a diverse business community and an unmatched set of cultural and environmental amenities,” said Brady Nolan, Vice President of Washington, D.C.-based Dalian Development, the project’s residential owner. “However, we believed that the city could benefit from a true luxury apartment community landmark and we are proud to do our part to provide that along with another beautiful piece of architecture next to the Barnes Foundation and the grand limestone buildings lining the Parkway.”
“The strategy for this development from the beginning, when I put it under agreement, was to construct a large, luxury mixed-use development that fulfills the community needs of neighborhood retail, residential, and parking, which is in high demand in this area. This location’s large size is irreplaceable in this area and cannot be replicated,” said Neal Rodin, Chairman of International Financial Company, the project’s retail owner.
The residential portion of the project is being financed internally by Dalian Development, with a construction loan from Santander Bank and a mezzanine loan provided by Federal Capital Partners. Both loans were arranged by Washington, D.C.-based Property Capital LLC. The retail portion of project is being financed in partnership by International Financial Company and Benenson Capital Partners with a construction loan provided by Santander Bank.
Resident amenities in the ten-story Dalian on Fairmount community include a double height, hotel-style lobby with 20 feet of glass and amazing city views; clubroom with lounge, bar/media room, billiards room, and an e-cafe; state of the art fitness center with 20 feet of glass and yoga room; a dog wash room; and 35,000 square foot rooftop Sky Park with an infinity edge pool, indoor-outdoor heated cabana including TVs for year round use, an outdoor kitchen with multiple grills, and a large green roof feature. Residences will feature engineered hardwood flooring throughout, floor to ceiling uninterrupted glass windows, and luxury features and finishes.
As one of the first true mixed-use developments in downtown Philadelphia, the combination of a retail center, as well as the Dalian on Fairmount, creates a development that Philadelphia has not seen before. The retail is anchored by a 55,000 square foot Whole Foods Market featuring a 5,000 square foot café and a two-story dramatic glass façade.
“Philadelphia is the heart and home to so many Whole Foods Market customers and Team Members alike – we are excited to be able to offer this new, innovative store near the same, great location,” said Scott Allshouse, Whole Foods Market Mid-Atlantic regional president. “Whole Foods Market has been here for decades building meaningful relationships with local shoppers, suppliers and organizations. This development will allow us to do so for many more decades to come.”
In addition to the Whole Foods Market, CVS/Caremark will occupy 11,000 square feet on the corner of 21st and Hamilton Streets. Thomas Jefferson University Hospital is leasing roughly 12,000 square feet on the corner of 22nd Street and Spring Garden Avenue.
The Dalian on Fairmount is being developed by Dalian Development, built by Intech Construction and will be managed by Bozzuto Management Company. The retail portion of Rodin Square is being developed by International Financial Company, managed by Rodin Commercial Management and is also being built by Intech Construction. Intech has commenced construction and is expected to complete work in Summer 2016. The entire project was designed by MV+A Architects of Washington, D.C.
About Dalian Development
Headquartered in Washington, D.C., Dalian Development is a family office investment and development company focused on building a long term portfolio of luxury apartments through ground up development. Dalian invests on behalf of a wealthy Washington, D.C. based family and looks nationally for opportunities to create incredible projects for its future residents, the cities in which the projects are located, and the ownership group. Dalian painstakingly designs each project so that it will be proud to own it today and for years in the future.
About International Financial Company
International Financial Company, LLC (“IFC”), along with its affiliates including The Rodin Group, is a real estate investment firm involved in various types of investments across the United States and Europe. In its 35 years of existence, a main area of focus for the company is increasing asset value by concentrating on repositioning assets through change of use. In addition to capital investments, IFC is also involved in the financing of real estate investments and the purchasing and trading of debt. As Chairman of IFC, Neal Rodin is a leader in the real estate profession and has led investment funds for real estate credit bond leases and credit investments both domestically and internationally for over 40 years. In the 1980’s, Neal was Chairman of Rodin Properties, which was the first American real estate company to be listed as a public company traded on the Amsterdam Stock Exchange. Neal has invested in over 100,000 apartment units, over four million commercial square feet and has experience in the acquisitions of major real estate portfolios.
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Victor Rodin – victor(at)rodinifc(dot)com
Brady Nolan – bnolan(at)dalianllc(dot)com