The Cosmopolitan / 191 Apartments / Retail / Parking Philadelphia, PA

A vacant city-owned lot next to a historic loft building in a deteriorated Center City neighborhood caught the eye of principals at an AthenianRazak predecessor firm. The firm assembled a development team that included the neighboring hospital/university. It created a design concept linking the historic structure to a new structure to be built on the lot, winning the Redevelopment Authority competition for the lot. It arranged a financing package that included the use of historic tax credits shared between both structures. Senior staff now at AthenianRazak managed the fast-tracked construction, moving new tenants into the historic structure floor-by-floor while construction was in progress in other areas.

The Cosmopolitan has been fully occupied since its initial rent-up, and maintains a waiting list. It was the catalyst for dramatic neighborhood improvement; the entire area is now notably upscale.