PHILADELPHIA, June 10, 2016 /PRNewswire/ -- Philadelphia City officials, business, labor and arts leaders, and representatives of Apartment Investment and Management Company (Aimco) formally opened the Park Towne Place Museum Residences at a ribbon-cutting ceremony yesterday afternoon.
Aimco is investing $200 million in the community which consists of four, 18-story towers with 959 apartment homes in a prime location along the Benjamin Franklin Parkway. Built in 1959, Park Towne Place is on the National Register of Historic Places, believed to be the first mid-century modern, multi-family apartment community in the Commonwealth to earn the prestigious designation. Aimco's revitalization of Park Towne preserves the historic character of the property while creating a contemporary living space with modern conveniences, high-end finishes and attractive amenities.
"Today we celebrate a remarkable public/private partnership among our City and Commonwealth, our labor organizations and our business entities, to make historic Park Towne Place brand new," said Mayor Kenney. "I commend Aimco for its continued investment in our City and for this project which is providing between 400 and 500 construction jobs while adding vibrancy to the Parkway and vitality to our City."
"The revitalization of Park Towne Place is an exciting project for Aimco and we are thrilled to share this day with our many partners," said Aimco Executive Vice President of Redevelopment and Construction Services Patti Fielding. "We are working together to achieve a full-scale transformation of this remarkable property which is a jewel along the Parkway. Park Towne's spectacular location, blending of historic character and sophisticated contemporary style, and unique art program make this community a stand-out in Aimco's national portfolio."
The South Tower of Park Towne Place has been completely transformed to include brand new apartments with upscale finishes, modern kitchens, spacious walk-in closets and attractive city views. There are 25,000 square feet of new retail offerings on the lower level including MKRT, a gourmet café and market. The redevelopment includes The Oar Pub, designed to honor Philadelphia' s boathouse row along the Schuylkill River, a screening room, demonstration kitchen, pool and shuffleboard tables, and fireplaces. The South Tower also boasts a 4,000 square foot fitness center with state-of-the-art Technogym equipment, spin room and yoga studio, an outdoor pool area with cabanas, and Skyline Lounge with outdoor fire pit and breathtaking views.
With its prominent location among the City's art and cultural institutions, Park Towne Place has designed its own art program to fully integrate the community into the fabric of the Parkway. The complex includes a 100-piece permanent art collection from around the world, with many works by well-known Philadelphia artists. The dynamic art program also features rotating art exhibits, artist talks and timely workshops in the community's art studio, all open to residents and the public.
Aimco owns and manages 4,000 apartment homes in the greater Philadelphia market and has a regional office in Center City. Aimco is one of the country's largest owners and operators of apartments, with 193 communities in 23 states and the District of Columbia. Its common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500.
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