Historic Gothic Building in Philly Re-Opens as The Arch

July 2, 2012 - PRLog -- PHILADELPHIA, PA (July 2, 2012) – The Arch, a historic gothic building in the heart of Center City, is now open for pre-leasing of luxury apartments by appointment.  Located at 1701 Arch Street, the building encompasses 111 sleek, light-filled rental apartments including studio, one- and two-bedroom homes and a penthouse level.  Formerly known as the Robert Morris Building, The Arch is where modern living meets history by offering convenience, luxury and a bit of Philadelphia’s rich, architectural artistry to its residents.

The Arch’s lobby with a stunning domed ceiling features polished marble staircases, terrazzo floors and a concierge team that can provide privileged access to some of the hottest restaurants and clubs in the city. Well-appointed apartments feature smart wiring, washer and dryer, hardwood floor in living areas, luxuriously carpeted bedrooms, walk-in closets in select units and individual climate control. Modern, open kitchens boast European-style cabinetry offset by stainless steel appliances and granite counter tops. Bathroom highlights include fixtures and faucets by Grohe and subway tile showers. The top floor features two-bedroom penthouses that have unparalleled, breathtaking views of Center City’s visual gems including the Comcast Building, 30th Street Station and the Philadelphia Art Museum.  Some penthouse apartments feature glass-enclosed shower stalls, vaulted ceilings and ceiling fans, and a breakfast bar.

The Arch is developed by 806 Capital and Federal Capital Partners (FCP) with financing provided by FCP and PNC Bank. Scully Company is the marketing and managing agent for the property. Rents range from roughly $1349 to $2900 for studio, one- and two-bedroom apartments. Pre-leasing is open now by appointment. For more information, please call (215) 253-6678 or visit www.1701Arch.com .

“The Arch offers residents all the convenience and modern sensibilities of downtown living plus the charm of a historic building,” explains Jessica Scully, President, Scully Company. “We are thrilled to work with 806 Capital and Federal Capital Partners to introduce a unique living experience to the Philadelphia market.”

“As FCP’s first entry into the Philadelphia market, we recognized that The Arch was a unique property with strong positioning from a physical and marketing standpoint,” explains Lacy Rice, Managing Partner, Federal Capital Partners.

“Reinventing a historic building like The Arch is such a thrill,” says Leo Addimando, Founder and Managing Partner, 806 Capital. “Residents will be able to appreciate all that Philadelphia has to offer from the charm of historical properties to the conveniences of modern day living.”

About Scully Company
Established over sixty years ago, Scully Company brings generations of family know-how and professional experience to acquisition, development, construction, management and asset management of apartment communities for institutions, private investors and our own portfolio.  Scully Company specializes in multifamily real estate in both ownership and management capacities, currently managing thousands of units consisting of large-scale garden, mid-rise and high-rise apartment communities for institutions, private investors and our own portfolio in Florida, Pennsylvania, New Jersey, and Connecticut.  Operating in diverse locations with a keen focus on strategies specific to local markets, Scully Company has achieved recognition as a leader in the multifamily industry, which is our only specialty.  For more information, please visit www.scullycompany.com  

About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3 billion in assets since its founding in 1999. FCP is seeking debt and equity investments in commercial and residential real estate throughout the Mid-Atlantic region, including Pennsylvania, Washington, DC, Maryland, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners through equity, preferred equity or mezzanine debt investments. For further information on FCP, please visit www.fcpdc.com .

About 806 Capital
806 Capital, LLC (“806”) is a real estate investment, development and management company with offices in Philadelphia and Chicago. With particular expertise in multi-family, office and retail real estate, 806 has experience with almost all product types and deal structures. Over the past decade, 806 has acquired, repositioned and/or redeveloped over 1MM square feet of underutilized real estate into hundreds of new residential units, office space, medical office, retail, and senior housing. In total, 806 has invested approximately $100MM in equity capital and acquired interests in, or redeveloped, more than $750MM of real estate assets over the past decade. 806 have accomplished this through a combination of its own deals and in joint ventures with institutional private equity firms. More information is available at www.806capital.com