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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.

AQ will also have 4,500 square feet of retail space, a 1,500-square-foot mezzanine, and various other components, said Joel Brudner, managing partner of MB1.

He said key components of the building will be the 110 upscale apartments in studio, one- and two-bedroom units to help meet the need for quality housing in Center City.

"This will be one of the most beautiful and versatile buildings in Philadelphia," Brudner said in a prepared statement. "The plan also includes a second-floor terrace, a center courtyard on the eighth floor, and a rooftop sky terrace and lounge that will offer incredible views, all within the tremendous location in Rittenhouse Square."

The building is an example of public and private interests coming together to help renew old neighborhoods, while creating jobs, Brudner said.