36 • November/December 2017 • Northeast Real Estate Business www.REBusinessOnline.com

MIXING USES AROUND STUDENT HOUSING The Goldenberg Group is creating a mixed-use community that benefits Temple University students

and Philadelphia residents alike.

By Amy Bigley Works

In September, The Goldenberg Group broke ground on the final phase of its redevelopment of John

Wanamaker High School, located near Temple University in Philadelphia. At completion, the 4.6-acre property will provide more than 1,800 beds for Tem-ple students and 40,000 square feet of retail, restaurant and commercial space in a resort-style community.

Atlanta-based Niles Bolton de-signed the latest phase of the off-cam-pus housing project, located at 12th Street and Cecil B. Moore Avenue. The $199 million, 470,000-square-foot phase will feature 984 beds in one-, two-, three- and four-bedroom con-figurations, along with 30,000 square feet of retail space. It is slated to open in time for fall 2019 occupancy.

The first phase of the project, an 832-bed property called The View at Mont-gomery, has been 100 percent leased since its opening in August 2014. “But there is still a need for additional stu-dent housing at Temple,” says Kevin Trapper, senior vice president of Blue Bell, Pennsylvania-based The Golden-berg Group.

He cites a national student housing report by Abode, noting that higher enrollments have put pressure on schools’ on-campus housing, increas-ing the demand for private rentals. Additionally, the report suggests that there is increasing demand for student housing properties that offer a full ar-ray of amenities.

Student Amenities & Retail for the Neighborhood

“We are excited to meet the demands of today’s college students by creating this best-in-class resort-style student housing community,” says Trapper.

Keeping up with the ever-increasing expectations of today’s college stu-dents, the community will include a 24-hour concierge; a coffee bar; a fit-ness center with additional rooms for fitness on-demand, yoga and spin; an outdoor rooftop terrace; a social activi-ties area; a business center; study and conference areas; a package locker sys-tem; a sky lounge; ample indoor bicy-cle storage; and on-site resident park-ing, including dedicated car sharing spaces and electric charging stations.

While the catalyst of the develop-ment was to meet the housing needs of Temple University students, the project’s 30,000 square feet of ground-level retail, restaurant and commercial space will benefit the student popula-tion, Temple University community and the surrounding community by providing more shopping and dining options.

Goldenberg is looking to sign retail-ers, such as fast-casual restaurants, convenience stores, pharmacies and other service-oriented retail business-es, that will meet the needs of the un-derserved neighborhood, which has experienced an increase in population from the expanding university student and employee populations, as well as

an increasing daytime business popu-lation. The new tenants will comple-ment the fully leased retail component at The View, which includes Chipotle, Potbelly Sandwich Shop, Blaze and Crisp Kitchen.

“In addition to delivering much-needed student residences, the proj-ect is concentrating students into the project’s single block, which is helping to slow and counteract the spread of students into the existing tradition-ally multifamily residential neighbor-hoods,” Trapper says. This concen-tration of students addresses safety and social concerns of students and prevents tensions that can result from sudden changes in traditional neigh-borhoods.

Offering panoramic views of Phila-delphia, the development will feature 368 fully furnished residences that in-clude flat-screen televisions, stainless steel appliances, quartz countertops, dishwashers, icemakers and garbage

disposals. The new tower will also incorporate

community space, large study rooms and great space that opens into a plaza with seating and activity areas. The project’s green space is open to the public and designed to create a con-nection to the surrounding neighbor-hood and activate the streetscape for students and local residents alike.

Goldman Sachs & Co.’s Merchant Banking Division, through its Broad Street Real Estate Credit Partners III fund, provided $163 million in non-recourse financing for the project. Ackman-Ziff facilitated the financing, acting as capital advisor to Golden-berg. Intech Construction is serving as general contractor for the project, and Asset Campus Housing will manage the property. Asset Campus Housing also manages The View.

Community CommitmentGoldenberg’s dedication to the Phil-

adelphia community goes beyond the development of student housing and mixed-use communities. The com-pany is actively engaged with the sur-rounding neighborhood, working to create a positive impact throughout the city. Goldenberg has collaborated with Dunbar Promise Academy, Pen-rose Playground, The Blackhawks Athletics League and Tree House Books to provide financial and logis-tics support to improve educational outcomes and opportunities for the surrounding neighbors.

Additionally, since the opening of The View at Montgomery in 2014, Goldenberg employees have complet-ed more than 20 service projects in the immediate neighborhood, including distributing books to local youth; ren-ovations to the gym, teachers’ lounge and classrooms at Paul L. Dunbar School, the neighborhood elementary school; and providing Thanksgiving meals for families in need.

“We intend to provide best-in-class student housing to accommodate Temple’s students and to be a source of positive transformation in the neighborhood,” notes Trapper. n

We are excited to meet the demands of

today’s college students by creating this

best-in-class resort-style student housing

community.— Kevin Trapper, Senior Vice President of The Goldenberg Group

The Goldenberg Group’s 470,000-square-foot mixed-use project will feature 368 fully furnished one-, two-, three- and four-bedroom

student housing units and 30,000 square feet of retail, restaurant and commercial space. The project is slated to open in time for

fall 2019 occupancy.

Rendering courtesy of The Goldenberg Group

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