(Philadelphia, PA) MARCH 22, 2022 – Jefferson Apartment Group (JAG), a leading multifamily developer and operator specializing in premier apartment communities throughout the East Coast, in partnership with Haverford Properties, a diversified real estate investment and development company, jointly announce today they have closed on the long-term ground lease of 501 N. Christopher Columbus Boulevard, a 9-acre waterfront property in the Northern Liberties neighborhood of Philadelphia. Construction debt financing is being provided by Citizens Bank and Santander Bank. The Landlord of the property is the Delaware River Waterfront Corporation (DRWC). With the execution of the lease and closing on construction financing, construction commenced this week.
“This project is the culmination of years of collaborative effort between Haverford Properties, JAG, DRWC, the local civic associations, state and local officials and many other stakeholders on Philadelphia’s Delaware River Waterfront. The waterfront’s time has come, and we are excited to contribute to it. I can’t say enough good things about the board and staff at DRWC. They have been incredible partners, and it is gratifying to be a part of fulfilling their vision for the Delaware River Waterfront,” said Charles Houder, President and Founder of Haverford Properties Inc.
“This community will undoubtedly be one of the most desirable places to live in Philadelphia,” stated Drew Chapman, Senior Vice President and Development Partner, JAG. “The transformation is particularly remarkable because it will create a gateway straight from the Spring Garden SEPTA station through the welcoming street-level retail on both sides of the project to the stunning riverfront. We are confident this new mixed-use neighborhood development will offer the people of Philadelphia an exciting waterfront lifestyle in a setting and a location that is unique.” The redevelopment of this site, formerly known as Festival Pier, will offer 45,000 square feet of retail space including shops and restaurants, which will be anchored by a Sprouts Farmers Market grocery store. This first phase of the new development will bring live activations to a large swath of urban waterfront space, including a public plaza, splash pad water feature, art installations, and extension of the Delaware River Trail through the 9-acre parcel.
“This development furthers the Master Plan for Central Delaware, enhances the vitality of the waterfront through compelling public spaces, extends the Delaware River Trail and Spring Garden Street connection to the City, and includes living, shopping, and dining amenities that will create a vibrant and truly accessible mixed-use waterfront destination,” said Joe Forkin, president of the Delaware River Waterfront Corporation. “Many thanks to JAG and Haverford Properties for their ongoing partnership and tenacious pursuit of bringing this complex project to fruition.”
This mixed-use development will accommodate 470 multifamily units comprising two mid-rise buildings, ranging from five to six stories, a mix of studio one-, two- and three-bedroom apartments, some will include desirable work-from-home den space. Additionally, premium two- and three-bedroom rental townhouses and top floor two-level apartments will also be available. Units range in size from 580-1,228 square feet.
Each residence will feature top-of-the-market finishes, and many units will boast private balconies with unobstructed views of the Delaware River and Ben Franklin Bridge. Amenities include an elevated swimming pool overlooking the river, two unique rooftop speakeasy lounges with outdoor terraces, courtyard with fire pit and grilling stations, two fitness centers with an interactive studio, clubroom lounge with fireplace, game room with vintage arcade games, micro-offices, conference room, podcast studio, a pet spa and bike room.
The location offers extraordinary connectivity just two blocks from the Spring Garden SEPTA station with an eight-minute ride into Center City, immediate access to I-95, the Ben Franklin Bridge, and 15 minutes to Philadelphia International Airport. The property’s Northern Liberties neighborhood offers a variety of restaurants, boutiques, and nightlife all within walking distance.
For more information, please visit jeffersonapartmentgroup.com and haverfordproperties.com.
About Jefferson Apartment Group
Jefferson Apartment Group is a full-service real estate firm specializing in multifamily and mixed- use real estate investments through acquisition, development, construction, and property management services. JAG focuses on urban, transit-oriented assets located in high barrier-to- entry markets on the East Coast. In metropolitan Philadelphia, JAG has recently completed 490 units in Mount Laurel, NJ and 291 residences in Exton, PA along with future pipeline projects planned in the Philadelphia metropolitan region, as well. The firm is committed to creating and managing communities that are high quality, innovative and environmentally responsible. More information is available at jeffersonapartmentgroup.com.
About Haverford Properties Inc.
Haverford Properties Inc. is a diversified real estate investment and development firm based outside of Philadelphia, Pennsylvania. The company is involved in all aspects of real estate development and investment, with a focus on essential-retail anchored shopping centers, ground- up multi-family development, mixed-use land development and master planning and flex/office campuses. For more information, please view haverfordproperties.com.
About DRWC
DELAWARE RIVER WATERFRONT CORPORATION (DRWC) is a 501(c)(3) created in January 2009, exclusively for the benefit of the City of Philadelphia and its citizens. The fundamental purpose of DRWC is to design, develop, program and maintain public amenities such as permanent and seasonal parks, trails, and streetscape improvements to transform the waterfront into a vibrant destination for recreational, cultural, and commercial activities for the residents and visitors of Philadelphia as is consistent with the goals of the Master Plan for the Central Delaware. Daily programming throughout the entire year is changing the way Philadelphians see and converse about the waterfront, and is helping to create spaces and communities that connect residents and visitors to the waterfront.
FOR MORE INFORMATION
Media Contact
Hope Wheeler
Collins + Co.
202-302-2906
hope@collins-company.com