BUSINESS PLAN – Cross Properties acquired The Dane in Q4 2016. Cross renovated and repositioned the 17-story, 231-unit apartment building as a luxury, multifamily apartment community. The property is ideally located directly adjacent to a regional rail line, providing access to Center City Philadelphia in only 10 minutes. Amenities include a 24-hour fitness center, outdoor saltwater pool with lounge area and grilling stations, and an 18th floor penthouse lounge featuring a demonstration kitchen, game room and sky deck, offering panoramic views of the Philadelphia skyline.
The Dane Is still held as a cash flowing asset by the Principals of Genesis.
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BUSINESS PLAN – Cross purchased the vacant land in Q2 2016. Cross then worked with Lower Merion Township to obtain approvals for a four-story, 109-unit, Class A multifamily property in Bala Cynwyd. Cross began construction on The Kelly in Q2 2017. The Kelly was the largest and first project to be completed of the three projects to make up NoBA. The Kelly was sold in 2022.
NoBA brought high-end residential and retail product to a town center that has yet to take advantage of the social and economic benefits of mixed-use “town-centers” evident in other Main Line destinations. By 2020, Cross built over 260 multifamily units and 17,000 square feet of new retail and commercial space, triggering a rejuvenation of the Bala Avenue corridor and advancing the quality of life in the NoBA vicinity.
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BUSINESS PLAN – Cross purchased this asset from Eastern University. The Company rezoned and entitled the property to become 132 first class rental residences and 14,000 square feet of medical offices. By placing the property on the National Register of Historic Places, Cross secured $5 million in historic tax credits and preserved a National treasure. The Palmer’s location is superb, situated on 8 acres, in front of a 5,000 employee hospital in Lower Merion Township, one of the wealthiest townships in the U.S. This project is the first modern apartment building on the Main Line in over 50 years. The Palmer was recapped in Q4 2016 and is now being held as a cash flowing asset.
HISTORY –Originally built in 1929, 1616 Walnut was once headquarters of the SunOil Company (SUNOCO) where the founding Pew family had their offices and a pied-a-Terre on the roof level. The original architects won a diploma from the 12th International Building Congress in Budapest for being one of the first public buildings designed with an interior parking garage. Cross Properties placed the asset on the National Register of Historic Places in 2012.
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BUSINESS PLAN – Cross purchased a Class C office building in a Class A residential location. Taking advantage of oversupply in office and under-supply in residential, Cross created tremendous value in the arbitrage. The 250,000 square foot building was completely gutted, except for historic elements, and recasted as a first class 206 unit apartment building with accompanying parking and 20,000 square feet of retail on premium Walnut Street. This asset sits one block from Rittenhouse Square and such retailers as Tiffany’s, The Apple Store and Lululemon, among others. ICON was sold in 2015.
HISTORY – Originally built in 1929, 1616 Walnut was once headquarters of the SunOil Company (SUNOCO) where the founding Pew family had their offices and a pied-a-Terre on the roof level. The original architects won a diploma from the 12th International Building Congress in Budapest for being one of the first public buildings designed with an interior parking garage. Cross Properties placed the asset on the National Register of Historic Places in 2012.
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BUSINESS PLAN – Cross acquired the Palmer in Q2 2013. After completing the redevelopment of the Palmer in 2015 and refinancing in 2016, Cross began Phase II, Palmer West, a ground-up development project consisting of 22 class-A multifamily units. As with the initial phase, Palmer West is situated to take advantage of the prime Lower Merion Township location, one of the wealthiest townships in the U.S. Additionally, the property sits directly adjacent to Lankenau Hospital, employing over 5,000 people.
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BUSINESS PLAN – Cross purchased a Class C office building in a Class A residential location. Cross created tremendous value by repurposing the asset to its highest and best use. The 50,000 square foot building was gutted, except for important historic features, and transformed into 5 floors of residential units and one floor of office/classroom space. The entire space was then master-leased to the Art Institute of Philadelphia.
HISTORY – Built in the 1920s as the Bailey, Banks & Biddle, this property was once the place to shop for the finest jewelry. After acquiring 1530 Chestnut, Cross got the property listed on the National Register of Historic Places.
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BUSINESS PLAN – The Grant will be the second project to begin at NoBA. Cross closed on the properties that will ultimately make up The Grant in Q1 2017. The project will total 66 class-A multifamily units and 7,000 SF of retail/ commercial space.
NoBA will bring high-end residential and retail product to a town center that has yet to take advantage of the social and economic benefits of mixed-use “town centers”, evident in other Main Line destinations. By 2020, Cross plans to build over 260 multifamily units and 17,000 SF of new retail and commercial space, triggering a rejuvenation of the Bala Ave corridor and advancing the quality of life of the neighborhoods in the NoBA vicinity.
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