Tutor Perini Building Corp. Awarded $117 Million East Market Redevelopment Phase I
April 14, 2015
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.”