Pearl Properties to Transform Former Embassy Suites into The Terrace on 18th with 288 Apartments

Pearl Properties announced its opening of The Terrace on 18th starting this June at the site formerly occupied by the Hilton Embassy Suites Hotel. This unique building and iconic location fittingly features the historic 1776 Benjamin Franklin Parkway address. Pearl, the Center City-based real estate investment and development firm, known for several best in class 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 second prominent fast casual, Philadelphia eatery on the 18th Street side of the project will be announced later this spring. Apartment leasing is now underway and information is available by visiting www.pearl-apartments.com, via email at leasing@pearl-properties.com, or by calling (215) 568-1195. Watch for updates about The Terrace, and connect with Pearl Properties, by liking @PearlPropertiesPhilly on Instagram.

"The Terrace on 18th offers residents a breathable living experience along the Parkway," said Pearl Properties Principal Reed Slogoff. "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."

Slogoff continued, "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 Terrace on 18th is located in the center of the iconic Benjamin Franklin Parkway, situated just minutes from Philadelphia's most renowned museums and attractions, including the Philadelphia Museum of Art, Barnes Foundation, Rodin Museum, Fairmount Water Works, Rittenhouse Square and LOVE Park.

Located just a block from Comcast’s headquarters, a short distance to the University of Pennsylvania campus and an easy walk to Philadelphia’s business district and premier shopping and dining destinations, The Terrace offers urban convenience mixed with parks and green spaces that provide unparalleled beauty and breathability. With the building's prime location and outdoor spaces, The Terrace is the perfect location for those who find themselves telecommuting both during and after the pandemic.

Development of The Terrace, in a building known for its unique rounded architecture, will bring the property back full circle to its residential roots. Originally built 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 (Olympic rower and brother of Grace Kelly).

When it opens this spring, 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. Each resident will enjoy spectacular 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 unparalleled 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, game room, movie room, spacious TV and club room, and a commercial kitchen/party room.

Each resident will also have full access to Pearl's experienced and dedicated property management team, providing unparalleled 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.

For residents looking for even more outdoor options as well as an on-site food and drink convenience, Victory Brewing Company will open at The Terrace in late summer/early fall. The new 14,000 square foot brewery, taproom and kitchen will be the first Center City location for the national brewer. One notable highlight of the new facility will be 3,500 square feet of outdoor space with street level seating and a rooftop patio overlooking Benjamin Franklin Parkway. The space has been designed jointly by Victory and New York-based architects Gerner Kronick & Valcarcel. Headquartered in Downingtown, PA, Victory Brewing Company is a national craft brewery founded by Bill Covaleski and Ron Barchet. An additional exciting restaurant will be announced for the remaining space on the 18th & Cherry corner.

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 www.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.

PROJECT BACKGROUND

Pearl originally acquired the property as an operating hotel (Hilton Embassy Suites). The hotel operated as an all-suite hotel featuring 288 suites, 5,000 square feet of meeting space and a 150-space garage. During 2020, Pearl concluded hotel operations during the pandemic shut down and commenced the conversion of the building into The Terrace on 18th. In October of 2019, Victory Brewing Company announced plans for its new facility at The Terrace.

PEARL PROPERTIES PORTFOLIO

The Terrace on 18th follows Pearl's most recent project, The Harper at 112 S. 19th Street that opened in 2019. Other notable properties in Pearl's portfolio include The Beacon, 1700 Chestnut, The Latham, 1600 Chestnut, 1401 Walnut, 1701 Walnut, 801 Walnut and 1512 Walnut. Tenants throughout Pearl's Center City footprint include K'Far and Goldie by Steve Cook and Michael Solomonov/Cook N Solo, Attico, Devil's Alley, Vince, Chipotle, The North Face, Nordstrom Rack, Michael Kors, Insomnia Cookies, Tie Bar, Dhyana Yoga, Elixr, Target, Barnes & Nobles, and several others.

ABOUT PEARL PROPERTIES

Pearl Properties, Philadelphia’s premier full-service real estate investment and development firm, is engaged in the acquisition, development and management of core-plus mixed-use properties in irreplaceable locations. Pearl’s developments include numerous conversions and re-purposing of historical, former industrial and commercial use properties into first class residential and mixed-use properties, which have contributed to the emergence of a variety of neighborhoods and created thousands of jobs. With expertise in development, construction, residential leasing and property management, Pearl Properties has earned a reputation for integrity, creativity, vision and excellence.

Since acquiring strategic, well located neighborhood apartment buildings during its inception in the mid-1990’s, Pearl Properties has grown exponentially. The company has engaged across several asset classes, acquiring and/or developing over a billion dollars of core-plus real estate in superior locations. During this time of substantial growth, Pearl has established itself as Philadelphia’s preeminent developer/owner of mixed-use assets.