Upscale Apartment Project to Revitalize Philly’s CBD

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Some of the units are expected to be move-in ready as early as Feb. 6.

Philadelphia—Houston-based real estate developer Hanover Co. and Parkway Corp. are expecting to complete their latest luxury residential apartment building in Philly’s central business district by the end of this year. The 339-unit Hanover North Broad incorporates two buildings that used to be surface parking lots.

The Hanover North Broad, Philadelphia, Pa.
The Hanover North Broad in Philadelphia

Located at 322 N. Broad St., at the corner of Callowhill and North Broad, Hanover North Broad is situated just north of the City Hall. The ex-parking buildings sit directly across from each other and have been revamped as two luxury residential properties. The largest building will include 229 studio, one- and two-bedroom units, as well as 11,000 square feet of retail space. The second one will feature 110 units and 6,000 square feet of commercial space.

Apartments in the four- and five-story buildings will include amenities such as stainless steel appliances, granite countertops, frameless cabinetry, expansive windows and 9-inch ceilings. According to Yardi Matrix data, Hanover North Broad will incorporate a fitness center, a business center, a clubhouse, swimming pool, media room and 341 parking spaces.

“We believe the project will be well received, as there is pent-up demand for luxury rental housing in the Fairmount neighborhood. The ability to walk to Center City’s growing employment centers, including both Comcast Towers, and the cultural attractions of the Museum District and Fairmount Park, give Hanover North Broad a uniquely compelling location and the product will be among the best in the City,” said Adam Harbin, development partner at Hanover Co., in a prepared statement.

According to the project’s official website, rental rates range from $1,830 for a studio to $3,995 for a three-bedroom, two-bath apartment. Some of the units are expected to be move-in ready as early as Feb. 6, 2017.

Philadelphia’s Center City is experiencing a major revival in terms of residential properties, unseen since the early 19th century. Hanover North Broad will be the latest to transform the historic neighborhood with its mixed-use development. Recently, PMC Property Group announced its intention to bring two towers totaling more than 600 apartments to Schuylkill River’s eastern bank.

Image courtesy of Hanover North Broad

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