US Development Completes 107-Unit Philly Community
Frankford Grand bridges the fast-rising Fishtown and Northern Liberties neighborhoods northeast of the famed Center City.
U.S. Development has completed construction of Frankford Grand, a 107-unit apartment community in the Fishtown neighborhood of Philadelphia.
“The timing of this development was the biggest challenge, due to the macroeconomic headwinds impacting all developers,” U.S. Development CEO John Farina told Multi-Housing News. “Very little multifamily development has occurred over the last 18 months because of high construction and capital costs.”
Situated at 1120 Frankford Ave., Frankford Grand is a five-story building spanning two city blocks and featuring 15,000 square feet of retail space across two floors. Apartment leasing is underway on the 30 studios, 32 one-bedroom apartments and 25 two-bedroom apartment homes in the property.
A roof deck featuring views of the Center City skyline, an outdoor kitchen with dual grilling areas and shaded terraces top the list of common-area amenities. The two prominent retail spaces can accommodate an array of uses including retail, restaurant, bar or entertainment establishments.
Also, both the retail spaces include exclusive outdoor patio areas that can accommodate additional customer seating.
“It required conviction, and a deep understanding of this specific market, to embark on a large-scale project during this cycle,” Farina noted of completing the community. “We felt this was the right project in the right emerging neighborhood at the right time. We are active in Philadelphia, and knew Fishtown was missing a Class-A new apartment option . . . We think this building fills that need.”
Last parcels available
Frankford Grand is being developed on one of the last remaining undeveloped parcels in Fishtown.
The district, which stretches just northeast of Center City, is a traditionally working-class enclave that has been transformed into one of the city’s most cutting-edge neighborhoods for music, art and dining. The design of Frankford Grand reflects Fishtown’s legacy, character and current attractiveness. It melds its industrial lineage with modern-day elements by means of a brick façade and black loft-style windows.
MSC Retail’s Jacob Cooper is Frankford Grand’s exclusive retail leasing representative while the Mike McCann Team oversees apartment leasing.
A Philadelphia market report last month characterized the metro as having sound multifamily fundamentals. Average asking rents increased by 2.6 percent on a year-over-year basis up to $1,766 as of June. This comes in above the national average of $1,739.
