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PHILADELPHIA — The LDS Church announced the construction of a 32-story City Creek-style mixed-use building in downtown Philadelphia for residential and commercial tenants.
The 490,000 square-foot tower at 1601 Vine Street will include 271 market-rate apartments in the Center City district, a few blocks from the iconic Philadelphia City Hall.
Although intended for a wide audience, the building is expected to complement the nearby Philadelphia LDS Temple and adjacent meetinghouse, both of which are currently under construction with an expected completion date of 2016.
The project will be developed by Property Reserve, Inc., the for-profit commercial real estate division of the church corporation.
According to Dale Bills, spokesman for PRI, the development represents an attractive investment opportunity and "meets the needs of an expanding employment base in Center City."
The development will include ground-floor townhomes and retail spaces that will face the streets to support walkability and beautification of the area, according to Bills.
Architectural renderings show the building will bear a resemblance to the 99 West building in PRI's City Creek Center development in downtown Salt Lake City.
