Construction has finally begun on a new 18-story tower on North Broad next to the Blue Horizon boxing venue, nearly a year after plans for the project were first announced.

Local developer Bock Development Group just broke ground on what’s being called “The Nest,” an 18-story residential tower at 1324 N. Broad Street. Designed by Cecil Baker + Partners, the high-rise will include 192 fully-furnished residential units and retail on the first floor. The second floor will be the tower’s amenity level, with study lounges, a tech center, a gym, and a terrace.

The project’s stats have changed slightly since last year, when plans called for a 17-story tower and 180 apartments. Although the tower will now include one more story, it will remain the same height.

A one-story structure was razed last year to make way for the metal and glass tower.

“This building is designed as a beacon of the future that pays deference to the structures of North Broad’s storied past,” said Chris Blakelock, a partner at Cecil Baker + Partners. Indeed, the new building will be neighbors to the historic Blue Horizon boxing venue and the New Freedom Theatre, whose Edwin Forrest house is also for sale.

In fact, brownstone piers will be installed to separate the ground-floor retail entrance from the residential lobby as a nod to the New Freedom Theatre next door.

If all goes to plan, construction, led by Ernest Bock and Sons, should finish up in August 2019.