It wasn’t even forty years ago that developers decided to build an awful modernist building at 200 N 16th St., alongside the similarly horrible Sheraton Hotel. These buildings were constructed as part of the unrealized plan for the Franklintown neighborhood, an effort that resulted in a whole lot of eminent domain activity from the City but relatively little actual development. Upon further consideration, we probably dodged an architectural bullet there. Can you imagine how crappy it would be if there were a whole bunch of buildings in this part of town that looked like this?
A few years back, we told you that this building, previously known as One Franklin Plaza (to remind us all of the failed redevelopment effort nearby) had been purchased by PMC Property Group for $43M and that the developers were planning to redevelop the building into a mix of apartments and office space. At the time, PMC had already torn out the old windows and were preparing for an extreme facade makeover. Checking in today, we see that they’ve made considerable progress in that effort.
PMC is calling the building Franklin Tower, and as the sign on the building indicates, they’ve already started leasing residential units even though the construction is far from finished. Prices are pretty much what you’d expect given the location and the fact that it’ll be a brand new building on the inside. One bedroom units start at $1755, one bedrooms with balconies are $2205, and two bedroom units are $2995. For people that sign 13 month leases, they’re giving a free month of rent and they’re waiving the $350 one-time amenity fee.
As for the office space, we haven’t heard about any tenants just yet. You may recall, we told you that the largest commercial tenant will have the option to put their name on the building, which could be enticing for a company. Aside from the name on the top, here’s a reminder of what the building will look like once it’s finished.
We imagine the construction will wrap up, at least on the outside, by the end of the year, with construction inside to proceed into 2018. We’d contend that the new facade will be a dramatic improvement over the previous version, and wonder whether the operators of the hotel next door will take note and consider some renovations of their own.