Iron Stone Real Estate Partners

Last updated
Iron Stone Real Estate Partners
Industry real estate
Headquarters Philadelphia, Pennsylvania, U.S.
Key people
Andrew Eisenstein
Jason Friedland
Matthew Canno

Iron Stone Real Estate Partners, sometimes referred to simply as Iron Stone, is a real estate private equity firm located in Philadelphia, Pennsylvania that has a niche focus on value added real estate assets, the acquisition of real estate related operating companies, and the assumption of mortgage notes. Iron Stone has developed and currently owns in excess of 3 million square feet of medical, life science and mixed-use properties in Philadelphia, PA. Since 1995, Iron Stone has completed approximately $1 billion in real estate related projects. The principals are Andrew Eisenstein, Jason Friedland, Matthew Canno, Michael Pearson and Sam Patterson.[ citation needed ]

Contents

Urban sustainability

Adaptive reuse is at the core of Iron Stone's redevelopment and investment strategy. [1]

Notable projects

Falls Center

Falls Center 20091108 inq institut08-h.JPG
Falls Center
Front of Falls Center Falls Center Exterior High Res.jpg
Front of Falls Center
Front of the Falls Center Womans Medical College of Pennsylvania.jpeg
Front of the Falls Center

Iron Stone is responsible for the redevelopment of the Woman's Medical College of Pennsylvania in the East Falls, section of Philadelphia, which served as the first women's medical teaching hospital in the United States. Before Iron Stone acquired it, the 700,000 square feet (65,000 m2) hospital suffered from a number of rapid ownership changes and was finally abandoned in 2005 after the previous owner declared bankruptcy. The huge complex continued exacerbating urban blight in Philadelphia until Iron Stone was able to acquire it in 2006 and begin the process of adaptive reuse. In 2008, the principals registered the property in the National Register of Historic Places to honor its significance as the nation's first women's medical school.[ citation needed ]

Falls Center was originally constructed in the 1920s by Ritter & Shay, a prominent architecture firm in Philadelphia during the 1920s, and Iron Stone worked hard to preserve as much of the architectural elements as possible throughout the redevelopment process. The site has been successfully adapted for mixed-use student housing, commercial space and medical offices and has led to the creation of over 2,000 permanent full-time jobs. [2] The Falls Center is home to over 18 businesses. [3]

1425 Arch St

1425 Arch Street 1425 Arch.jpg
1425 Arch Street

Iron Stone was responsible for the redevelopment of the long vacant Elkins Memorial YMCA, located at 1425 Arch Street in Center City Philadelphia. This historic building was constructed in 1911 by the Gilded Age architect Horace Trumbauer. Using the existing floor plate as a guide, Iron Stone repositioned the former YMCA to house commercial office spaces, municipal operations, and a hotel with one of the only indoor pools in Center City. [4]

Cooper Village

Cooper Village Cooper Village.jpg
Cooper Village

Iron Stone was selected by Cooper Hospital, Rowan University, and the City of Camden to buy the vacant land adjacent to the Cooper Medical School, and develop it as apartments for the medical students of Cooper Hospital. The mixed-use project, located along the 400 block of South Broadway, salvages blighted buildings and intersperses ground-up five story buildings. This development utilizes historic tax credits, NJ Economic Redevelopment and Growth tax credits (ERG), CDBG funds, and HMFA "A Better Camden" funds.

Philadelphia Safety Collaborative

The City of Philadelphia chose Iron Stone to design and develop the co-location facility for the Philadelphia Police Department's Special Victims Unit (SVU), the Department of Human Services (DHS) Sexual Abuse Investigations Unit, the Philadelphia Children's Alliance, and offices for the staff of the District Attorney. Located in Hunting Park, Philadelphia, Iron Stone used the existing envelope of a former truck terminal as the base of the development and subsequently added 10,000 square feet of new construction to complete the project. [5]

The Provident Campus (4601 Market Street)

The Provident Campus is a 15-acre transit-oriented development featuring 325,000 sf of public health, clinical and educational uses. PHMC, Children's Hospital of Philadelphia (CHOP), and KIPP Philadelphia are the property's anchor tenants.

In 1924, the Provident Mutual Insurance Company purchased undeveloped land at 46th and Market streets with the intent to move its headquarters from the corner of 4th and Chestnut streets. The site was selected to provide the company with the “ideal workplace” at that time which was to include spaces for recreation, food services, medical facilities, parking and easy access to public transportation. Architects Cram and Ferguson were retained to design the monumental Classical Revival building which was completed in 1927. This would serve as the company's headquarters until 1983.

When Provident moved to Center City, Philadelphia, it donated the building to the Urban Education Foundation (a coalition of Lincoln and Cheyney Universities). In 1991, the complex was purchased and renamed the “Center for Human Advancement” which housed over 35 institutions, non-profit groups and small entrepreneurs. In 2008, City Council directed the PIDC to buy the building and in 2014, Mayor Nutter held a groundbreaking for the new Philadelphia Public Safety Services (PPSS). The City abated environmental concerns, cleaned the exteriors, improved the exterior envelope, demolished certain outbuildings as well as interiors, and stabilized the property for redevelopment.

In 2017, Mayor Kenny announced that the PPSS would move to Broad Street and directed the PIDC to issue a formal RFQ. A public site tour was held in which more than 62 real estate professionals attended, including developers, architects and lawyers. Later that year, a follow-up RFP was issued in which IS3 Team LLC submitted a proposal to acquire and redevelop the property. IS3 Team LLC was chosen as the developer and purchaser of the property. [6]

Over the next 12 months, IS3 Team gathered public support for the project by meeting with key neighborhood stakeholders, politicians, and Walnut Hill Community Association. On February 7, 2019, an ordinance was passed by City Council conveying the property to PAID to be further sold to IS3 Team and on February 19, 2019, the bill was signed by the Mayor.

In January 2020, Iron Stone Real Estate Partners purchased the property with senior construction financing from Washington Capital Management, Inc. The National Trust for Historic Preservation and Dudley Ventures provided from their New Markets Tax Credit funds. Historic tax credit equity was contributed by CitiBank. The majority of the construction on site was supervised by the general contractors TN Ward Company and Pride Enterprises.

By summer, 2022, the first commercial tenants moved into the newly reconstructed building. When at full occupancy, it is anticipated that CHOP and KIPP will employ more than 1,000 individuals at this location. In total, total project costs exceeded $90 million.

St. Christopher's Hospital for Children

St. Christopher's Hospital for Children is a 15-acre, 900,000 sf children's hospital in Philadelphia. Acquired at bankruptcy auction, the goal was to preserve and ensure the continued stability of the hospital. The building and parking garage is leased to Drexel University and Tower Healthcare. [7]

The Behavior Wellness Center

The Behavior Wellness Center (formerly Girard Medical Center) is a 350,000 sf series of distinct buildings on 7-acres. Acquired at bankruptcy auction, [8] the goal was to preserve and restructure the existing behavioral health, addiction treatment and recovery programs while improving patient outcomes. The property is leased to a variety of commercial and non-profit uses with the BeWell Center and Self Inc as the anchor tenants.

Related Research Articles

<span class="mw-page-title-main">Washington Square West, Philadelphia</span> United States historic place

Washington Square West is a neighborhood in Center City, Philadelphia, Pennsylvania, United States. The neighborhood roughly corresponds to the area between 7th and Broad Streets and between Chestnut and South Streets, bordering on the Independence Mall tourist area directly northeast, Market East to the north, Old City and Society Hill to the East, Bella Vista directly south, Hawthorne to the southwest, and mid-town Philadelphia and Rittenhouse Square to the west. The area takes its name from Washington Square, a historic urban park in the northeastern corner of the neighborhood. In addition to being a desirable residential community, it is considered a hip, trendy neighborhood that offers a diverse array of shops, restaurants, and coffee houses. Washington Square West contains many gay-friendly establishments, especially in the gay village area of the neighborhood commonly known as the Gayborhood, which hosts annual events celebrating LGBT culture in Philadelphia, including OutFest.

<span class="mw-page-title-main">Redevelopment</span> New construction on a site that has preexisting uses

Redevelopment is any new construction on a site that has pre-existing uses. It represents a process of land development uses to revitalize the physical, economic and social fabric of urban space.

<span class="mw-page-title-main">Commercial property</span> Buildings or land intended to generate a profit, either from capital gain or rental income

Commercial property, also called commercial real estate, investment property or income property, is real estate intended to generate a profit, either from capital gains or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many U.S. states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.

<span class="mw-page-title-main">Forest City Realty Trust</span> Real estate management and development company

Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.

<span class="mw-page-title-main">Wilson Building (Dallas)</span> United States historic place

The Wilson Building is an historic 8-story building in the Main Street district of downtown Dallas, Texas. The building was completed in 1904 and patterned after the Palais Garnier in Paris, France. The historic structure fronts Main Street on the south, Ervay Street on the east, and Elm Street on the north. The Wilson building was the tallest structure in Dallas from 1904–1909 and was considered the premier commercial structure west of the Mississippi. The Wilson Building is situated across from the flagship Neiman Marcus Building and is adjacent to the Mercantile National Bank Building.

<span class="mw-page-title-main">One Sansome Street</span> Skyscraper in San Francisco, California

One Sansome Street, also known as Citigroup Center, is an office skyscraper located at the intersection of Sutter and Sansome Streets in the Financial District of San Francisco, California, United States, near Market Street. The 168 m (551 ft), 41 floor, 587,473 sq ft (54,578.0 m2) office tower was completed in 1984.

<span class="mw-page-title-main">FlatIron Crossing</span> Shopping mall in Colorado, United States

FlatIron Crossing is an enclosed shopping mall in Broomfield, Colorado anchored by Macy's, Dillard's, and Dick's Sporting Goods. An outdoor lifestyle center, named FlatIron Village; extends out of the mall's southern side and is anchored by a 14-screen AMC Theatres cinema and several restaurants. Other stores at the mall include Crate & Barrel, White House Black Market, Cotton On, Williams Sonoma, Apple, Pottery Barn, and MAC Cosmetics.

CitiApartments was one of the largest real estate companies in San Francisco, California, which at its peak owned and managed more than 300 buildings directly and through a number of affiliates. In recent years the companies suffered a financial downturn, and have been the subject of intense criticism and litigation for allegedly illegal business practices as a residential landlord.

<span class="mw-page-title-main">PNC Bank Building (Philadelphia)</span> High-rise office building in Philadelphia, Pennsylvania

The PNC Bank Building is a high-rise office building located in the Market West neighborhood of Center City, Philadelphia. Constructed in 1983, it is 491 feet in height and has 39 stories. It houses offices for PNC Financial Services. It was constructed on the site of the Fox Theatre and the Stanley/Stanton/Milgram Theatre.

Peninsula Town Center is an open air mixed-use development located in the Coliseum Central Business improvement district of Hampton, Virginia in the Hampton Roads region. The Town Center is located on the site of the original Coliseum Mall, an enclosed facility constructed in 1973 by Mall Properties Inc. of New York, its only owner. At 991,000-square feet, Peninsula Town Center is the largest redevelopment project in Hampton's history. Mall Properties has teamed with Steiner + Associates, which developed Easton Town Center in Columbus; Zona Rosa in Kansas City; The Greene Town Center near Dayton; and Bayshore Town Center near Milwaukee to create Peninsula Town Center.

<span class="mw-page-title-main">Cira Centre South</span> Complex of two skyscrapers in the University City district of Philadelphia, Pennsylvania

Cira Centre South is a complex of two skyscrapers in the University City district of Philadelphia, Pennsylvania, directly across the Schuylkill River from Center City, Philadelphia. The complex is between Walnut Street and Chestnut Street south of 30th Street Station and the Old Post Office Building.

<span class="mw-page-title-main">Carousel Mall</span> Former shopping mall in San Bernardino, California

The Carousel Mall, also known as Central City Mall, was a mixed-use two-story shopping mall located in San Bernardino, California, along the city's former main downtown street.

<span class="mw-page-title-main">Hines (company)</span> American real estate company

Hines Interests Limited Partnership is a privately held company that invests in and develops real estate.

<span class="mw-page-title-main">55 Hudson Yards</span> Office skyscraper in Manhattan, New York

55 Hudson Yards is a skyscraper in Hudson Yards, Manhattan, New York City, just outside the Hudson Yards Redevelopment Project. It and 50 Hudson Yards will add a combined 4 million square feet (370,000 m2) of space to the Hudson Yards project, even though the two buildings are located outside the redevelopment site itself.

<span class="mw-page-title-main">770 Broadway</span> Commercial building in Manhattan, New York

770 Broadway is a 1,200,000-square-foot (110,000 m2) landmarked mixed-use commercial office building in NoHo, Manhattan, in Lower Manhattan, New York City, occupying an entire square block between 9th Street on the north, Fourth Avenue to the east, 8th Street to the south, and Broadway to the west. The building is owned and managed by Vornado Realty Trust. It was completed in 1907 and renovated in 2000 per a design by Hugh Hardy.

<span class="mw-page-title-main">The Spiral (New York City)</span> Skyscraper in Manhattan, New York

The Spiral, also known as 66 Hudson Boulevard, is a 66-floor, 1,031-foot (314 m) skyscraper with 2.85 million square feet (265,000 m2), on 34th Street between Hudson Boulevard and Tenth Avenue in Hudson Yards, Manhattan, New York City. It was developed by Tishman Speyer, constructed by Turner Construction, and opened in 2023.

<span class="mw-page-title-main">Sergeant Major's Row</span> Historic site in New South Wales, Australia

The Sergeant Major's Row are heritage-listed former terrace houses and now shops and offices. They are located in a row at 33–41 George Street in the inner city Sydney suburb of The Rocks in the City of Sydney local government area of New South Wales, Australia. The row was built in 1881. It is also known as Sergeant Majors Row (terrace) and Major's. The property is owned by Property NSW, an agency of the Government of New South Wales. It was added to the New South Wales State Heritage Register on 10 May 2002.

Louis Kestenbaum is an American real estate developer who is the founder and chairman of New York City-based Fortis Property Group.

<span class="mw-page-title-main">Wheatley-Provident Hospital</span> Historic building in Kansas City, Missouri

Wheatley-Provident Hospital is a historic site at 1826 Forest Avenue in the 18th and Vine District of Kansas City, Missouri. It was founded in 1902 and became Kansas City's first hospital for Black people.

The HELIX Health + Life Science Exchange, originally called The Hub for the New Jersey Innovation and Technology Hub, is a research, business incubator and innovation center under construction in New Brunswick, New Jersey, which itself is called The Hub City. It is planned to contain three buildings: H-1, H-2, and H-3.

References

  1. Kostelni, Natalie. "Iron Stone fund seeking $75 million". Philadelphia Business Journal. Retrieved 13 January 2012.
  2. Mastrull, Diane. "Falls Center is still evolving The historic location of the Woman's Medical College of Pennsylvania is now becoming a medical and educational complex. Despite a bad commercial real estate market, the center continues to attract new tenants". Philly.com. Archived from the original on June 6, 2011. Retrieved 13 January 2012.
  3. "Falls Center Tenants". Falls Center.
  4. "Young Men's Christian Association, Philadelphia". Free Library of Philadelphia. Retrieved 13 January 2012.
  5. Miller, Larry (2013-08-26). "Special Victims Unit Center officially opens". The Philadelphia Tribune. Retrieved 2024-08-02.
  6. Merriman, Anna (2019-02-07). "Council approves $10M land transfer of Provident Mutual building". Curbed Philly. Retrieved 2024-08-02.
  7. www.bizjournals.com https://www.bizjournals.com/philadelphia/news/2020/01/28/sources-65m-deal-reached-for-st-christophers.html . Retrieved 2024-08-02.{{cite web}}: Missing or empty |title= (help)
  8. Brubaker, Harold (2017-11-30). "NPHS completes sale of Girard Medical Center". www.inquirer.com. Retrieved 2024-08-02.