An area that comprises 13 buildings spanning from the corner of 5thand Bainbridge to Kater Street in the neighborhood of Queen Village immediately south of Center City will soon be replaced by an interesting mix of apartment buildings and an upscale boutique hotel.
The Philadelphia Business Journal reports that local real estate firm Zaken Realty Trust acquired 13 properties from the Paul family which operated John C. Paul & Sons, a paper goods and cleaning products store that closed last summer. Zaken Realty Trust is focused on purchasing value-add assets in residential areas with high retail and multifamily demand. The company has already developed 15 mixed-use properties throughout Center City Philadelphia. With the help of Precision Realty Group—which also serves as the developer behind the Queen Village project—Zaken Realty Trust is now expanding its footprint in other neighborhoods outside Center City.
According to the Journal, the project should be completed by the end of summer 2014. Only two buildings will be transformed into apartment units. The remaining properties will be converted into a 30-room boutique hotel. The project also includes 7,000 square feet of street level retail space that could house a restaurant and a number of small independent stores that are expected to meet the need for boutique retail in this neighborhood.