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MB1 Capital, Aquinas start new construction project in Philadelphia

njbizWall-based MBI Capital and Philadelphia-based Aquinas Realty Partners announced last month that it has started construction on the AQ Rittenhouse, a mixed-use, apartment-retail-classroom tower in Philadelphia.

According to the press release, the $40 million complex, located at 2021 Chestnut St. in Rittenhouse Square, is expected to be completed by the end of the year. The new 12-story building, designed by BLT Architects of Philadelphia and being constructed by Clemons Construction Company of Philadelphia, will also including classroom, lab and activity space for the nearby Freire Charter School.

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Groundbreaking for Mixed Use High-Rise in Philly's Rittenhouse Square

HighRise FacilitiesThis article originally appeared in High Rise Facilities

MB1 Capital Partners and Aquinas Realty Partners today announced the official groundbreaking for the construction of the AQ Rittenhouse, a mixed-use, apartment-retail-classroom tower at 2021 Chestnut Street in Rittenhouse Square, Philadelphia.

The $40 million complex, due to be completed by the end of the year, will be constructed on the site of the former Philadelphia YWCA Annex which was built in 1954 but vacant and blighted for more than a decade. The new 12-story building, designed by BLT Architects of Philadelphia and being constructed by Clemons Construction Company of Philadelphia, will also include classroom, lab and activity space for the adjacent Freire Charter School.

Joel Brudner, Managing Partner of MB1 Capital Partners, noted AQ Rittenhouse will also include 4,500 square feet of retail space on the ground floor, as well as a 1,500-square-foot mezzanine as other components of this new 12-story apartment tower.

Brudner noted the key component of the building will be 110 upscale apartments in studio, one- and two-bedroom units to help meet the need for quality housing in Center City. The signature feature of the building will be its large exterior windows and Juliet balconies.

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MB1 Capital Partners' Joint Venture to Construct New Project in Rittenhouse Square

chestnutPHILADELPHIA – April 17, 2014 – MB1 Capital Partners and Aquinas Realty Partners today announced the official groundbreaking for the construction of the AQ Rittenhouse, a mixed-use, apartment-retail-classroom tower at 2021 Chestnut Street in Rittenhouse Square, Philadelphia.

The $40 million complex, due to be completed by the end of the year, will be constructed on the site of the former Philadelphia YWCA Annex which was built in 1954 but vacant and blighted for more than a decade. The new 12-story building, designed by BLT Architects of Philadelphia and being constructed by Clemons Construction Company of Philadelphia, will also include classroom, lab and activity space for the adjacent Freire Charter School.

Joel Brudner, Managing Partner of MB1 Capital Partners, noted AQ Rittenhouse will also include 4,500 square feet of retail space on the ground floor, as well as a 1,500-square-foot mezzanine as other components of this new 12-story apartment tower.

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110 Luxury Apartments Under Construction at 2021 Chestnut Street

commercialpropertyexec

This article originally appeared in Commercial Property Executive

The wave of residential projects that hit the vibrant Center City neighborhood of Philadelphia continues with yet another upscale development at 2021 Chestnut Street near Rittenhouse Square.

In less than one week Aquinas Realty Partners is set to officially break ground on AQ Rittenhouse, a high-rise luxury apartment building designed for active young professionals looking for an urban lifestyle. The 12-story story will replace a long-vacant community center that served as an annex for the former YWCA building.

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AQ Rittenhouse Breaks Ground Tomorrow

phillymagThis article originally appeared in Philly Magazine.

Aquinas Realty plans to break ground tomorrow on AQ Rittenhouse, a 12-story mixed-use building at 2021 Chestnut. There'll be restaurant/retail space on the first floor and 110 residential units, with plenty of amenities: a sky terrace, secure covered parking, a fitness center and a "dog washing room."

The previous building on the site, the YWCA annex, had been vacant since the early 1990s andwas seriously blighted by the time it was torn down to make room for something new.

Aquinas and its architect, BLT, answered a Request for Proposals from Philadelphia's Redevelopment Authority and was chosen for the project in 2010.

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AQ Rittenhouse officially gets off the ground, below ground

phillrealestateblogThis article originally appeared on the Philadelphia Real Estate Blog

The Friere Charter School’s new neighbor, the AQ Rittenhouse mixed-use apartment-retail-classroom tower at 2025 Chestnut Street in Rittenhouse Square, began digging itself out of the hole it cleared yesterday morning with a ceremonial groundbreaking.

That hole, in which officials of developer Aquinas Realty Partners, elected officials and community representatives turned the first shovels of dirt, had been the site of the Philadelphia YWCA Annex, built in 1954 but vacant for more than a decade. The building next door to it, where the groundbreaking program took place, originally housed the YWCA and now houses the Friere Charter School high school.

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City Trusts, bank, NJ investor back $40M+ AQ Rittenhouse tower

This article originally appeared in the Philadelphia Inquirer

Leonard S. Poncia, boss at Havertown-based Aquinas Realty Partners, was shoveling credit around liberally -- to Mayor Nutter, Councilmembers Darrell Clarke and Jannie Blackwell, the Philadelphia Redevelopment Authority, the Center City Residents Association -- at the ceremonial groundbreaking for his 12-story, 110-apartment AQ Rittenhouse tower, 2021 Chestnut St., this morning. As new construction, the tower will enjoy city new-construction real estate tax breaks; no other public support has been awarded, so far, says Poncio.

The $40 million-plus tower is backed by, among others: equity investor Joel S. Brudner's and Christopher McCallion's MB1 Capital Partners, Wall, N.J., which is also backing projects in Brooklyn, Dallas, Bellmawr and Morristown; lenders, Santander Bank (the Spanish outfit formerly known locally as Sovereign) and the Board of City Trusts (headed by South Philly Democratic politician Robert Donatucci, the board oversees Wills Eye Hospital, Girard College and other city charities).

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New apartment highrise on Chestnut Street will replace long blighted YWCA Annex building

This article originally appeared on Philadelphia Heights

It's starting to sound like a broken record (if you remember what those are) but there is another highrise apartment building about to be built in the city, this time on Chestnut Street in Center City. The new building will be at 2021 Chestnut Street. What's significant about this development is that it will replace a long vacant and horribly blighted building, that was the annex for the former YWCA building next door. The annex building has an unusuable pool inside, among other things. The former YWCA building, itself, is now used by the Freire Charter School. This new building will provide space for that school, as well as, rental apartments and retail along Chestnut Street.

The new highrise will be built by local developers Aquinas Realty Partners. It will be 12 storeys and have 110 rental apartment units, mostly one-bedroom apartments. There will be almost 5,000 square feet of retail space along busy Chestnut Street. The building will have an internal side courtyard, for residents, and bicycle storage (among other sustainable features), but there will be no parking for cars since the building is located within walking distance of so many things. There will, also, be space for the Freire Charter School in the basement of the building. The facade of the building will be dominated by large windows, some in bay windows and the others behind Juliet balconies.

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Belmar approves plans for East Coast Beer Co. brewery

1234237 10151686661566234 1622869623 n 2This article originally appeared on NJ.com

BELMAR – The East Coast Beer Company, the brewers of the popular Beach Haus brand beers, is another step closer to opening the doors to its new headquarters and brewery operations on Main Street.

At its regular meeting Monday night, the borough's Planning Board granted the beer company the final site plan approval and the change-of-use variance it needed to convert the high-profile former Freedman's Bakery building into a fully functioning brewery that will also feature tours, beer tastings and a retail component.

"There's been a tremendous amount of work and excitement to get us to this point, so it's nice to see everything coming together," said Joel Brudner, a partner with the Wall-based real estate investment company MB1 Partners, which now owns the building and has a financial interest in the beer company. "We really like the location and love the town of Belmar – it's representative of what we're trying to do and of what the founders of the East Coast Beer Company had in mind when they established Beach Haus beer, which is marketing a beer with a Jersey Shore theme."

East Coast Beer Co. was founded out of a garage in 2007 by a pair of high school friends from Brick Township, John Merklin and Brian Ciriaco. They started selling Beach Haus in Monmouth and Ocean counties in 2010, and now distribute their beers throughout New Jersey, New York, Pennsylvania, Connecticut and the Carolinas.

The beer company currently "contract brews," meaning it develops the recipes and then pays a separate company – in this case a larger brewery in Upstate New York – to rent the time and equipment needed to make the beer.

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East Coast Beer Co. is moving to Belmar

This article originally appeared in the Asbury Park Press.

The East Coast Beer Co. has found a new home.

The company, which launched in Point Pleasant Beach in 2007, plans to move into new digs on Main Street in Belmar by July, according to company co-founder John Merklin of Brick.

East Coast Beer Co.'s beers have been pretty closely associated with the Garden State since the company's debut release in 2010, Beach Haus American Pilsner. But, for the early part of the company's history it worked as a contract brewer, developing their recipes locally and then renting brewing time from a larger facility located in Rochester, N.Y., Merklin said.

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