Gallagher represented Washington, DC-based developer Dalian Development in the acquisition and development of Dalian on the Park, a $120M apartment project consisting of 293 luxury apartments located in Philadelphia. Resort-style project amenities include an infinity pool, a 30,000 square foot sky terrace, a green roof, library, yoga studio, and bike storage. Dalian on the Park is constructed above Rodin Square, a retail development that will include a 60,000 square foot Whole Foods and a CVS Pharmacy.
The integrated nature of the mixed-use project, with Dalian on the Park constructed on a podium above Rodin Square, presented complex issues that required innovative solutions by the Gallagher lawyers involved in the project. Among other contributions, Gallagher assisted in negotiating a complex joint development agreement with the owner of the retail components of the project as well as senior construction and mezzanine financing. In addition, Gallagher assisted in the creation of a complicated vertical condominium structure that permits the apartment and retail components of the development to operate as an integrated mixed-use project while allowing for the different components to be separately owned and financed.
Dalian on the Park is one of the latest and highest profile redevelopments along the Benjamin Franklin Parkway neighborhood, just blocks away from the Philadelphia Museum of Art. The project will deliver in 2016.