NEWS INFORMATION FROM |
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THE OFFICE OF MAYOR STEPHEN R. REED |
FOR IMMEDIATE USE |
25-STORY, $100 MILLION RESIDENTIAL-OFFICE-RETAIL TOWER ANNOUNCED FOR HARRISBURGHarrisburg, PA – Mayor Stephen R. Reed today announced that plans are proceeding to construct a 25-story residential, office and retail tower on what is now a surface parking lot on the northwestern corner of North 4th and Market Streets. The 800,000 square foot complex, expected to cost over $100 million, will create 500 construction and permanent jobs and will be a major new addition to the city’s growing skyline. Reed said a key component will be 90 luxury condominium units in the top floors, commanding a panoramic view of the downtown and area. The Mayor said the project is called The Residence and will include one floor of retail space, two floors of mixed retail and commercial space, 11 floors of parking for 1000 cars, 4 floors of Class A office space, 5 floors of residential units, and the complex will be inter-connected to Strawberry Square to allow ease of access to additional retail. Reed said The Residence is designed to be the city’s most prestigious building, with contemporary amenities that include a world-class restaurant, luxury spa, superb architecture, quality materials, concierge services, private residents’ lounge, a state of the art health and fitness center, children’s play area, 24-hour security and an ultra modern building access and video surveillance system are also planned. Each condominium includes high ceilings, private entry, balconies, and a courtyard for residents’ use. They will accord privacy, seclusion and unparalleled service and yet be within easy walking distance of major amenities and attractions in the downtown. “There is a strong market for middle and upper income housing in the city, including in the downtown. The Residence helps address this need,” Reed said. “The Residence will be unlike anything Harrisburg has ever seen,” said the Mayor, “and will instantly become one of the region’s most distinctive business and residential addresses.” The Mayor reported that site control already exists as a result of an option agreement to purchase the land from the Pennsylvania State Employees Retirement System. The leasing office will open soon. Additional design work will take 8 months and subsequent construction will require 6 to 18 months. Groundbreaking will occur in the second quarter of 2005 and the new tower should be ready for occupancy in the Fall of 2006. Reed said The Residence will be developed by the renowned local partnership of the Phoenix Development Group, which includes Pascotti Realty, Reynolds Construction and the Flynn Group. Pascotti Realty is owned and operated by Tony Pascotti, the former president of the Bysis Insurance Company, who has since become a major midstate commercial developer. Pascotti is joined by Rick Reynolds and Reynolds Construction Company, which has become one of the midstate’s most respected and prodigious major construction contractors. In the partnership is noted midstate developer Tom Flynn of the Flynn Group, who currently maintains a portfolio of more than twenty commercial, retail and light industrial buildings across Central Pennsylvania. Also partnering in the project is noted midstate developer Francis McNaughton of the McNaughton Company, one of the midstate’s oldest and most experienced commercial and residential developers and builders. Architectural services for The Residence are being provided by Murray Associates Architects, whose principal architects on the project will Benedict Dubbs and Michael Frye. XXX |
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