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.”
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building construction
company offering diversified general contracting and design-build
services to private clients and public agencies throughout the world. We
have provided construction services since 1894 and have established a
strong reputation within our markets by executing large complex projects
on time and within budget while adhering to strict quality control
measures.
About National Real Estate Development, LLC
National Development has successfully managed and consulted on the
development of complex projects in selected cities across the U.S.
including office, multi-family residential, retail, hotel and mixed-use
properties. These projects generally consist of high-density, high-rise
developments located in primary urban areas where experience is the key
to successful outcomes. National Development senior staff members
average more than 25 years of experience in various aspects of real
estate development and construction, including architecture,
engineering, construction and finance. National Development has been
engaged by Girard Square A NY, LP under a Development Services Agreement
to provide comprehensive development management and construction
management services from pre-development through completion of
construction.
About East Market
East Market, a pedestrian oriented development in the heart of
Philadelphia, will revitalize an entire city block, from Market to
Chestnut, 11th to 12th Streets. This
mixed-used project will blend urban and artisanal shopping and dining
experiences with contemporary work and living spaces. The project is
owned by National
Real Estate Advisors, LLC, an SEC-registered asset management
advisor investing in major U.S. urban markets and subsidiary of the
National Electrical Benefit Fund; Joss
Realty Partners, a private real estate investment firm; Young
Capital LLC, a Philadelphia-based real estate investment firm
affiliated with Classic Management, Inc.; and SSH
Real Estate, one of the largest privately held commercial real
estate companies in the Greater Philadelphia Region. East Market is
being developed by National Real Estate Development, LLC. For more
information, please visit www.eastmarketphilly.com or
email at eastmarket@natrealestatedevelopment.com.

Source: Tutor Perini Corporation