Since opening nearly five years ago, the
Cira Centre has been lighting up the Schuylkill Expressway with its LED light curtain and shining obelisk design. But remaining a relevant part of Philadelphia's developing skyline is never easy. In fact, the Cira has become so popular in its first half-decade, it is already expanding.
Last week,
Brandywine Realty Trust--the development firm that brought the Cira Centre construction to 30th Street Station--announced completion of the building's south garage and a renovation to the 30th Street Station post office. Coming in ahead of schedule and under budget netted BRT $256.5 million in loan financing from
CTL Capital, LLC that had been escrowed pending completion. The financing will go towards reducing borrowings and paying operational costs.
"We are extremely pleased to complete the $342 million 30th Street Post Office and Cira South Garage projects on time and under budget and to close this previously announced financing," says BRT President and CEO Gerard Sweeney. "The completion of this project enhances the economic growth of the University City sub-market and restores an important piece of Philadelphia's architectural history."
The project will create a 1,662-car parking structure and 9,788 square feet of retail space. BRT will be seeking
LEED silver certification, a mid-level environmental design distinction. The company expects to begin construction in 2011.
Source: Gerard Sweeney, Brandywine Realty Trust
Writer: John Steele