Project Outline
The Piers is a mixed-use property located along the historic Penn’s Landing bank of the Delaware River in Philadelphia, Pennsylvania. Built in the 1920s, the two piers were redeveloped into multi-family residential complexes in the late 1980s. The structure that connects the two residential redevelopments, known as the Head House, contains office and retail space. SREA was engaged by the lender of the Head House to restore and enhance operations when the borrower failed to perform on its obligations.
Services Provided
- Established strong relationships with both residential condominium associations and retailers
- Leased vacant retail space to service providers that offered benefits to the residential community
- Collaborated with residential condominium association boards on several capital projects that included:
- A two-story lobby and common corridor renovation program
- Elevator modernization
- Fire / Life safety upgrades
- Negotiated shared cost agreements with residential managers to create operational efficiencies and economies of scale with regards to service contracts
How SREA Added Value
SREA enhanced the living experience for residents by introducing new amenities and investing in capital upgrades. In addition, the collaborative environment SREA fostered with the residential community restored the trust that had been broken due to the inaction of the previous owner. Working together SREA, and the residents, were able to leverage their collective buying power, resulting in improved operational efficiencies.