PHILADELPHIA, PA — The Goldenberg Group has begun construction on a $199 million student housing development adjacent to its signature student tower, The View at Montgomery.
Located at 12th St. and Cecil B. Moore Ave., the 470,000 s/f mixed-use facility will feature 984 beds.
The project will incorporate 30,000 s/f of ground-level retail, restaurant and commercial space and activity areas.
The project represents the second and final phase of Goldenberg’s master planned redevelopment of the 4.6-acre site of the former John Wanamaker High School. This phase was designed to complement The Goldenberg Group’s existing 832-bed student housing development, The View at Montgomery.
The residential component of The View has been fully occupied since opening, and the retail component has been 100% leased and occupied since the first year of operations.
“The Goldenberg Group is excited to move forward to fulfill the second phase of this project,” said Kevin Trapper, senior vice president at the firm. “The View at Montgomery has received an incredibly positive reception – both from students and the community. We intend to continue to provide best-in-class student housing to accommodate Temple’s students, and to be a source of positive transformation in the neighborhood.”
Goldman Sachs & Co. LLC’s Merchant Banking Division, through its Broad Street Real Estate Credit Partners III fund, provided the $163mm non-recourse financing and will hold and service the loan for the duration of the term. Ackman-Ziff facilitated the transaction acting as capital advisor to Goldenberg. Intech Construction is the general contractor and Atlanta-based Niles Bolton is the project architect.