The Sterling ApartmentsSkanska USA won a $15.2 million contract to complete the second phase of renovations at the Sterling high-rise apartments in Philadelphia. The 29-story tower, built in 1961, has 550 apartments, 23,000 square feet of retail space and 93,000 square feet of office space. The apartments are fully occupied.

In this phase of the renovation, Skanska will upgrade several floors of the high-rise apartment building to modernize kitchens, bathrooms, flooring and electrical systems. Skanska is also renovating the building’s lobby, retail areas, fitness center and rooftop pool.

“The residential sector continues to grow throughout Philadelphia, and Skanska has embraced the market’s current uptick,” said Ed Szwarc, executive vice president of Skanska USA’s Greater Philadelphia office. “We are well-positioned to take on more residential projects like the Sterling Apartment Complex and provide residents with the most comfortable and up-to-date living spaces possible.”

The project is currently underway and is scheduled for completion in January 2015.

The building’s owner, Denver-based Apartment Investment and Management Company (Aimco), is one of the largest owners and operators of apartment communities in the United States.

Aimco is pouring $150 million into renovations for the Sterling and another Philadelphia property, Park Towne Place, a four-building complex at 2200 Benjamin Franklin Parkway with 973 apartments. Park Towne was built in 1959 and acquired by Aimco in 2000. Barton Partners of Norristown, Pa., is the architect of record for both projects. Tryba Architects of Denver is the design architect on Park Towne Place.