“Philadelphia Water Club”: Philadelphia, PA

PHILADELPHIA WATER CLUB - Phase 1 of 3

“THE IMPERIUM” – 370 Luxury Apartments + Ground Floor Commercial Space + Parking Garage

1499 SOUTH CHRISTOPHER COLUMBUS PHILADELPHIA, PA

Targeted Construction Start Date: Q4 2021

The Philadelphia Water Club stands as one of NRIA’s grandest projects. We have our zoning and building permits for the building in-hand for The Imperium, Phase 1 of this development. We are currently at the brink of active development. We are in final negotiations with the precast supplier to place an order for the parking garage. Once we have that, we can craft a beautiful parking deck that can contain all the tenants and visitors for the Water Club.

At the present, we’re deciding between two finalists competing for the modular contract. We’ve collected bids. We should have an updated and detailed cost estimate sometime in the next few weeks. With this updated budget, we will also update the development financial proforma being sent to investors.

We expect that this updated budget, alongside our newly negotiated 10-year property tax abatement, will lower costs while increasing the building’s valuation once it is built, leased and stabilized. We will continue to reevaluate how we plan to build The Imperium, all in order to ensure we maximize our profits via cost-effective strategies.

As it can be gleamed based on these details, we are currently on-track to complete The Imperium. The building will create over 10,000 square feet of retail space, 370 luxury rental apartments and a parking garage in the Central Philadelphia Delaware Riverfront District. From this perspective, one will have one of the most scenic views in Philadelphia of the waterfront. The Imperium is part of Phase 1 of the Philadelphia Water Club, our private gated community. The Club features three all-new, ultra-modern luxury apartment buildings. The Imperium, The Haven and The Reserve will all feature Smart Home technology, advanced water & air purification systems, urban gardens, large walking parks, and green roof decks, all built in an advanced, technology eco-friendly design. All three buildings will feature a “Green Roof Top” outdoor BBQ deck that offers entertainment, brilliant sunset views, spacious health clubs, spacious spa/sauna centers, massive exterior and interior pools, resident lounges, putting greens, walking and jogging trails, dog runs and a private outdoor community running track. These lifestyle amenities will be offered to renters. Tenants also have access to marina dock use, since we have riparian rights for the dock with the intention of building a restaurant with event space, an all-season pool, and a boat house equipped with multiple boat slips. We anticipate that this three-building project will increase a ton of revenue for this property.

PHILADELPHIA WATER CLUB - Phase 2 of 3

“THE HAVEN” – 329 Luxury Apartments + Ground Floor Commercial Space + Parking Garage

1401 SOUTH CHRISTOPHER COLUMBUS PHILADELPHIA, PA

Targeted Construction Start Date: 4th Quarter 2022

While The Imperium nears the start of its construction, the next phase of the Philadelphia Water Club – The Haven – continues pre-development. We have already stated in prior reports how we’ve received our zoning permit for The Haven, which stands as one step until we can begin constructing the building. We hope we can receive that by the end of the year, with construction expected to start late 2022/early 2023, after The Imperium breaks ground. The construction permit will be essential in order to obtain a 10-year tax abatement on the property.

The Haven will be The Imperium’s counterpart. As we develop the plans for The Imperium, we are incorporating cost-effective strategies over from Phase 1 into the later phases.  

The Haven will feature over 17,000 square feet of retail space, 329 luxury rental apartments and a parking garage in the Central Philadelphia Delaware Riverfront District. It stands near the riverfront, offering an incredible scenic river view. The Philadelphia Water Club features three all-new, ultra-modern luxury apartment buildings. The Imperium, The Haven and The Reserve will all feature Smart Home technology, advanced water & air purification systems, urban gardens, large walking parks, and green roof decks, all built in an advanced, technology eco-friendly design. The Haven will open up to a roof recreational center. “Green Roof Top” outdoor BBQ deck will offer entertainment, sunset views, health clubs, spa/sauna centers, exterior and interior pools, lounges, putting greens, walking and jogging trails, dog runs and a private outdoor community running track. These lifestyle amenities will be offered to all residents. Residents also have access to marina dock use, as we have acquired riparian rights for the dock with the intention of building a restaurant with event space, an all-season pool, and a boat house equipped with multiple boat slips.

PHILADELPHIA WATER CLUB - Phase 3 of 3

“THE RESERVE” – 406 Luxury Apartments + Ground Floor Commercial Space + Parking Garage

1401R SOUTH CHRISTOPHER COLUMBUS PHILADELPHIA, PA

Targeted Construction Start Date: 2nd Quarter 2024

Once The Imperium and The Haven are completed, Phase 3 of the Philadelphia Water Club can begin active development. At the present, we have zoning permits for The Reserve, which will be a 406-unit construction project. We anticipate we will break ground in 2024.

The Reserve will match The Imperium and The Haven in style. We will continue to refine new methods to reduce building costs. When accompanied with our approved 10-year tax abatement, we will maximize the value of the structure long before we break ground.

The Reserve continues the tradition of the prior phases of The Philadelphia Water Club. The Reserve will feature over 17,000 square feet of retail space, 406 luxury rental apartments and a parking garage in the Central Philadelphia Delaware Riverfront District. It offers a trademark beautiful view of the city. The Imperium, The Haven and The Reserve will all feature Smart Home technology, advanced water & air purification systems, urban gardens, large walking parks, and green roof decks, all built in an advanced, technology eco-friendly design. All three buildings will feature a “Green Roof Top” outdoor BBQ deck that offers entertainment, brilliant sunset views, spacious health clubs, spacious spa/sauna centers, massive exterior and interior pools, resident lounges, putting greens, walking and jogging trails, dog runs and a private outdoor community running track. These lifestyle amenities will be offered to all residents, but that’s not all. Residents also have access to marina dock use, as we have acquired riparian rights for the dock with the intention of building a restaurant with event space, an all-season pool, and a boat house equipped with multiple boat slips. This three-building project will be a massive success story and create tons of living space, once it is completed.