New Rental Units in Center City Philadelphia
By Veronica Grecu, Associate Editor
In continuing with the wave of development in Center City Philadelphia, Radnor-based Brandywine Realty Trust has unveiled more details about one of its mixed-use projects slated for development starting this fall.
The 1919 Market Street project will be built on a 33,800-square-foot underutilized parcel which was set to be foreclosed on by Opus East L.L.C. in 2009, according to information from PropertyShark. Reportedly, the property was sold at a Delaware Bankruptcy Auction for $9.3 million to a limited partnership called 1919 Market St. in late January 2011.
The Philadelphia Real Estate Blog notes that the 28-story tower will sit on a four-story podium that will feature 25,000 square feet of commercial and retail space on the first two floors, and bi-level apartments with interior stairwells on the third and fourth floor. According to the source, 1919 Market St.’s residential component will total 278 rental market rate apartments expected to start receiving tenants in late 2014.
In similar residential news from Center City, the Philly Loft Co. announced that lease-up will be starting and it will begin receiving applications for 118 Lofts in July. Located at 118-122 Market Street within walking distance from restaurants and shops, the 17,400-square-foot structure was completed in 1900 and now stands as one of the city’s historic buildings. It was recently renovated to include upscale amenities such as modern kitchens, hardwood flooring, custom bathrooms, central air and washer/dryer.Tags: foreclosure, mixed-use, multi-family