Mayor Sly James wanted to know whether it was a “groundbreaking” or a “marble-cracking” ceremony.
Either way, the Wednesday afternoon ceremonies at the historic Power & LIght Building, 106 W. 14th St., represented the official, long-awaited start of the historic building’s transformation.
Nathaniel Hagedorn, CEO of NorthPoint Development, said his firm’s $63 million redevelopment project will include 258 luxury apartment units that will “blow everything else away in the market.”
Hagedorn said the Power & Light apartments, as well as units in the Cordish Co.’s new 25-story, 315-unit One Light tower under construction at 13th and Walnut streets, will achieve rents approaching $2 a square foot. That price point, roughly double the top rate for downtown apartments just a few years ago, will drive a new chapter in the area’s continuing revitalization, he said…