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Major Developer Announces Second Project in Philly

Major Developer Announces Second Project in Philly

One of the nation’s largest student housing developers and investors plans to build its second project near two Philadelphia universities. The first development is set to open this fall.

According to a recent Costar.com article, one of the largest developers and investors of student housing is planning a second project in Philadelphia (near the University of Pennsylvania, an Ivy League school, and Drexel University), to follow their construction of their first project a short distance away.

Landmark Properties announced Thursday that their new project will be a 363-unit tower called The Mark. The Mark will rise 34 stories, and will include 55,938 square feet of existing historic office space next to the tower.

In addition to The Mark project, Landmark has much of the construction on The Standard at Philadelphia, a 280-unit property a short distance from The Mark, completed. In fact, according to schedule, The Standard is scheduled to open this fall.  Landmark’s announcement stated that The Mark is scheduled for completion in 2026.

Costar’s article pointed out that 2022 was a banner year for Landmark, including $4.7 billion in transactions to bring assets under management to $10.4 billion (a record unrivaled during the company’s 20-year history.)

To read the full article on Costar.com, by Richard Lawson, click here…