With the pandemic hitting every tourist industry, hotels have definitely suffered immensely—so much that some of the buildings where venues once stood are being transformed.
Take the Hilton Embassy Suites Hotel. Pearl Properties recently announced its opening of The Terrace on 18th starting this June at the hotel’s former site. This unique building and location fittingly features the historic 1776 Benjamin Franklin Parkway address, something that is as quintessential Philly as a cheesesteak. According to the release, Pearl, the Center City-based real estate investment and development firm, known for several apartment projects such as The Harper, The Beacon, The Sansom and The Granary, is converting the former hotel into 288 distinctive one-bedroom suite residences with spectacular views, private balconies, functional floor plans, brand new kitchens, on-site valet parking, 24/7 front door concierge service and a 12,500 square foot amenity package. Complementing the new apartments, The Terrace on 18th will also feature the first-ever Center City flagship location for Victory Brewing Company offering a bi-level brewery and taproom with outdoor seating and a rooftop patio. A Philadelphia eatery on the 18th Street side of the project will be announced later this spring.
“The Terrace on 18th offers residents a breathable living experience along the Parkway,” said Pearl Properties Principal Reed Slogoff in the release. “The new residences will feature private balconies, unparalleled views, best-in-class amenities, high-quality finish levels and our 24/7 customer service, concierge-style tenant relations.”
The new city properties offer a prime location on top of the amenities that people can experience. The Terrace is just minutes away from some of the city’s most popular destinations including the Philadelphia Museum of Art, Barnes Foundation, Rodin Museum, Fairmount Water Works, Rittenhouse Square and LOVE Park. For those who work in the city, the new living quarters are also a block from Comcast’s headquarters, as well as a short distance from college campuses.
Slogoff continued in his statement, “The Terrace is a great example of our desire to bring together the best of our city for those that love Philadelphia and who are looking forward to our city’s future. We are excited about Center City’s prospects as we begin 2021 – and we are excited to be part of the long-term transformation of the Parkway. It was exciting to see and feel all the energy around the developing Parkway when we purchased the former Hilton Embassy Suites. While things may have paused temporarily in 2020, we are full steam into the new year and better days are ahead. We are excited to support our world-class city and offer something truly special for those living their best Philadelphia life.”
The new design for the building will pay homage to the original design, which was constructed in 1963 as The Plaza Apartments. The building was designed by famed architect Oskar Stonorov and was formerly home to many famous names in history such as Wilt Chamberlain and Jack Kelly, an Olympic rower and brother of Grace Kelly.
When it opens this spring, however, The Terrace will offer 288 one-bedroom suite residences with private balconies and offer residents a 12,500+ square foot amenity package to upgrade residents’ Philadelphia-centric lifestyles. According to the release, each resident will enjoy views of Center City, functional floor plans, private balconies, central heat/air, 55” TV’s included in each unit, and new white kitchens with stainless steel appliances and natural stone countertops. Other amenities include a two-story lobby lounge, on-site valet parking, 24/7 front desk attendant, two new eateries, state-of-the-art fitness center, a game room, movie room, spacious TV and club room, and a commercial kitchen/party room. Plus, each resident will also have full access to Pearl’s experienced and dedicated property management team, providing customer service in handling tenant day-to-day maintenance demands. Pearl’s hands-on and “concierge” style approach offers a “best in class” resident experience.
One local beer distributor, Victory Brewing Company, as mentioned before will also be opening a new facility later this summer, or early this fall. The new 14,000 square foot brewery, taproom and kitchen will be the first Center City location for the national brewer, and will also feature outdoor space with street-level seating and a rooftop patio overlooking the Parkway that expands 3,500 square feet.
According to the release, Apartments at The Terrace will start at $1,895 for one-bedroom, one-bath, balcony units that range between 680 and 715 square feet in size. Leasing information and renderings for The Terrace on 18th are available now by visiting pearl-apartments.com. For additional information, potential residents can email leasing@pearl-properties.com, or call the leasing department at 215-568-1195. For project updates, and to connect with Pearl’s full portfolio, like @PearlPropertiesPhilly on Instagram.
