Another mixed-use development project is in the works for the northwest corner of South Broad and Washington, directly across from Bart Blatstein's proposed mega-development.
The project, called Lincoln Square, will be developed by Alterra Property Group and MIS Capital, LLC. It calls for an 8-story, 356-unit apartment building and 74,000 square feet of retail at 1000-20 S. Broad Street. There will also be a parking garage with 360 spaces.
Like the Blatstein site across the street, this 3.36-acre parcel is a vacant lot. It's currently owned by the Philadelphia Authority of Industrial Development (PAID) and most recently served as a dumping ground for snow plows during winter storm Jonas. Alterra and MIS Capital are under contract to purchase the property from PAID for $6,500,000.
Steve Gendler of MIS Capital, LLC tells Curbed Philly that the estimated cost of the project will be $100 million.
Also on the property is a historic train shed, which is famous for being the site of a major hub for the Philadelphia-Wilmington-Baltimore Railroad line and a funeral stop of President Abraham Lincoln after his assassination. Hence the future development's name, Lincoln Square.
The shed will be saved, as it is on the Philadelphia Historic Register and National Register of Historic Places. The plan is to repurpose it for retail, says Gendler.
The developers are still in the beginning process and are continuing to meet with local neighborhood associations. "There’s been certainly questions about details, but there's essentially no resistance from the community," says Gendler.
That's a noticeable difference from the community reaction from Blatstein's proposed development on the northeast corner of Broad and Washington. Blatstein, who claims to have had 40-plus meetings on his project, wants to build a 34-story residential tower for the site.
"We really used some of the neighborhood association's surveys as a guide to what we’re putting together," says Gendler. "So we really feel like they’re kind of partners in the deal."
The next step is for the property to be rezoned to mixed-use from industrial by June, and present to the Civic Design Review by mid-summer. If all goes to plan, construction is expected to begin in the first quarter of 2017.