Iron Hill Brewery has plans to open a new brewpub at the East Market development under construction at 11th and Market streets in Philadelphia.
The restaurant signed a long-term lease on roughly 8,500 square feet of space that will seat 250 people, have semi-private dining rooms and breakout rooms, as well as an outdoor dining area.
Iron Hill will join Wawa, Design Within Reach and Mom’s Organic Market as tenants in the mixed-use project that has 130,000 square feet of retail space, 175,000 square feet of office space and 322 apartments in its first phase. The restaurant will be the thirteenth for Iron Hill, which has a presence in Philadelphia’s Chestnut Hill neighborhood.
Kevin Finn, president and founder of Iron Hill, said that for the last few years he has been frequently trekking to Philadelphia with his two teenage daughters to visit museums, coffee shops, boutiques and other stores, and took note of all of the activity underway in the city.
“It has been amazing to me to see how the city is transforming,” Finn said. “There’s so much going on and it seemed like a good time to get in. We really, really like this site. It’s the best of both worlds. It has a lot of residential and it’s in the heart of Philadelphia.”
When it decides to open up a new restaurant, Iron Hill seeks to be part of the community in which it locates. “That is one of the reasons when we came to Philadelphia, we went to Chestnut Hill,” Finn said.
Finn believes that the East Market project and burgeoning area of Philadelphia will allow Iron Hill to be part of a neighborhood that is on the upswing.
It will initially employ about 100 people. Street Sense, a design firm based in Bethesda, Maryland, and Washington, D.C., will design the space.
Iron Hill was represented by Josh Haber and Jason Kramer of Binswanger in its search. Haber said he was eating a hamburger at an Iron Hill in Voorhees, New Jersey, and wondered why the brewpup didn’t have a Center City location. It was last year when he decided to reach out to Finn to see if there was any interest in exploring a new Philadelphia location.
Even though Finn loved the East Market site, it was a deal that “died” several times before finally getting sealed up last week.
“I think the stars aligned,” Kramer said.
National Real Estate Development is the developer of East Market. It is a subsidiary of National Real Estate Advisors, which is a part owner of the project along with SSH Real Estate, Young Capital and Joss Realty Partners.
Daniel Killinger, managing director for National Development, said in a statement, “Iron Hill adds to the dynamic urban environment and burgeoning neighborhood National Development is creating at East Market. We are excited that Iron Hill will locate its first urban brewpub in our project.”
By Natalie Kostelni
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