2116 Chestnut latest real estate project to be completed, approximately 50 currently under construction
Philadelphia, September 4, 2013 —Mayor Michael A. Nutter and Deputy Mayor for Economic Development Alan Greenberger officially opened the latest major real estate project to be completed in Philadelphia, the 34-story luxury residential and retail tower at 2116 Chestnut Street. There are currently approximately fifty major construction projects in progress across the city representing almost $3.4 billion in construction activity for Philadelphia.
“Today’s opening of 2116 Chestnut brings exciting new homes, retail space, and jobs to Philadelphia in yet another investment in the future of our city,” said Mayor Michael A. Nutter. “With about fifty projects currently under construction across the city, investors are placing their money and confidence in Philadelphia. I appreciate The John Buck Company and INDURE Fund’s investment and thank the men and women whose contributions to the development of 2116 Chestnut have brought us to today’s Grand Opening.”
Deputy Mayor for Economic Development Alan Greenberger, who worked closely with the both the project team and the community from the inception of the idea through design and construction, said, “The unprecedented level of construction activity currently underway reflects a high level of demand for Philadelphia among businesses, residents, and investors. The implementation of new zoning code and a streamlined development process are making development and job creation predictable, simple, and sensitive to the needs of the surrounding community. With these changes Philadelphia is fast becoming a place of choice for exciting new projects which bring with them investment, new public spaces, and jobs.”
The John Buck Company, a leading real estate developer whose projects include over 40 million square feet of office, mixed-use, residential and hotel projects nationwide, announced the purchase of the property at 2116 Chestnut Street in October 2011. The groundbreaking was held in February 2012 and the topping off occurred in November 2012. This is the company’s first development in Philadelphia. Financial assistance for the project has been provided by the Commonwealth of Pennsylvania through the support of Governor Corbett. The project has created more than 800 construction jobs.
“We are truly pleased to open 2116 Chestnut in the dynamic Center City neighborhood and welcome well over 100 residents who have moved into the building. We want to thank the City of Philadelphia and State of Pennsylvania for their time and assistance in launching the development of 2116 Chestnut. We also want to recognize and thank the numerous organizations and individuals who worked tirelessly on the planning and construction of 2116 Chestnut,” said John A. Buck II, Chairman and CEO, The John Buck Company.
The project was a partnership between The John Buck Company and the INDURE Fund, a commingled real estate investment fund managed by National Real Estate Advisors. Jeffrey J. Kanne, President and CEO, National Real Estate Advisors and Manager of INDURE Fund said, “We are very proud of the extraordinary quality of 2116 Chestnut and have never doubted its merits. And, in another sign of our commitment to Center City Philadelphia, we are now planning the complete revitalization of the Girard Trust Property on Market Street, with a targeted construction date of 2014.”
Also in attendance at the grand opening celebration were Councilman Kenyatta Johnson; State Representative Brian Sims; State Senator Larry Farnese; John Dougherty, Business Manager, Local 98 of the International Brotherhood of Electrical Workers (IBEW); and nearly 100 invited guests including a representative of Governor Corbett.