THE HANOVER COMPANY AND PARKWAY CORPORATION BREAK GROUND ON TRANSFORMATIVE MIXED-USE DEVELOPMENT ON NORTH BROAD STREET

December 18, 2015

“Hanover North Broad” will replace surface parking lots on two parcels and feature new residential and retail development

PHILADELPHIA (December 17, 2015) – The Hanover Company (“Hanover”) and Parkway Corporation (“Parkway”) announced today that they have broken ground on a transformative new “gateway” development on North Broad Street. Dubbed “Hanover North Broad,” the development will feature two new six-story apartment buildings housing 339 units across the street from one another, roughly 17,500 square feet of ground floor retail and approximately 330 public parking spaces. The project will replace two existing surface parking lots at Broad and Callowhill Streets owned by Parkway.

The buildings to be erected in the project, which will feature similar details and complementary architecture, will sit across the street from one another, one at the southwest corner of Broad and Callowhill Streets and one directly across the street at the southeast corner of Broad and Callowhill. The larger of the two buildings will sit on the lot at the southwest corner of Broad and Callowhill Streets and include 229 studio, one- and two-bedroom apartments, approximately 11,000 square feet of retail space, a public parking garage, and ample bicycle parking spaces; the smaller of the two buildings will sit on the southeast corner of Broad and Callowhill and include 110 studio, one- and two-bedroom apartments, approximately 6,000 square feet of retail space, a public parking garage, and ample bicycle parking spaces.

“We believe Hanover North Broad has the potential to be a transformative ‘gateway’ development that will invigorate the area around Callowhill Street,” said John Nash, President, The Hanover Company. “The project will fill a large gap in the urban streetscape, set a benchmark for sophisticated contemporary architecture, deliver a meaningful amount of ground-floor retail to the area, and bring hundreds of new residents to the area.”

The apartments in each of the six-story buildings will surround interior courtyards and offer resort-caliber amenities such as a private residence clubhouse with fitness center, screening room and business center. The individual units will have stainless steel appliances, stone countertops, wood-style flooring and expansive windows.

The street-level retail space in each building will have Broad Street frontage and will appeal to restaurants, gourmet grocers, coffee shops and other specialty retail. Two two-level modern parking garages (available to the public as well as residents and retail visitors) will reside behind the retail spaces.

“Broad Street is truly Philadelphia’s heart and soul, where the City comes to live, learn, work, create, shop, play and celebrate. With this key part of North Broad Street transformed, connecting the new energy near City Hall to the area around Spring Garden Street, the stage will be set for revitalization of treasures such as The Rail Park, The Met, the Divine Lorraine, and the Blue Horizon to the North,” said Robert Zuritsky, President, Parkway Corporation.

Serving as the retail broker for Hanover North Broad is Veronica Blum with MPN Realty in Philadelphia. Bank of America and Citizens Bank have provided financing.

Hanover’s Greater Philadelphia experience includes Domus, a 290-unit, mixed-use project in partnership with the University of Pennsylvania at 34th and Chestnut Streets in University City; and Hanover Valley Forge, a 338-unit residential project under construction at the Village at Valley Forge, Realen Properties mixed-use community in Upper Merion Township adjacent to the Mall at King of Prussia. Hanover North Broad presents a rare opportunity to create a synergistic partnership between Hanover, a national development company, and Parkway, a local three-generation Philadelphia firm.

About The Hanover Company
Founded in 1982, The Hanover Company, located in Houston, Texas, stands out among the most active private real estate companies in the United States, specializing in the acquisition, development, and management of high quality, multi-family residential and mixed use properties nationwide. With over three decades of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on high-density multifamily projects. To date, Hanover’s award-winning project mix totals nearly 48,000 units across the country and more than $9.5 billion in project costs. U.S. markets include Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and Washington D.C. For more information, visit www.hanoverco.com.

About Parkway Corporation
Parkway Corporation is an 85 year-old Philadelphia-based family-owned parking and real estate development company that acquires, develops, and manages parking facilities and mixed-use properties. Parkway has been involved with over ten million square feet of real estate projects through development, acquisition and redevelopment. Those projects included office, retail, restaurants, parking, mid-rise residential (The Pearl condominiums – Chinatown), ultra-luxury residential condominiums (1706 Rittenhouse – Rittenhouse Square) and rental residential (American Lofts – Northern Liberties). In addition Parkway jointly developed and opened a Home2 Suites and a new medical tower for the Pennsylvania Hospital at 8th & Walnut Streets in 2013.For more information, visit www.parkwaycorp.com.