It's been four years in the making, but local developer MMPartner's biggest project to date, a mixed-use historic adaptive reuse project in Fairmount, is close to completion.
The AF Bornot Dye Works Factory project is MMPartner's first in Fairmount, and has involved the restoration and conversion of four historic warehouses into 17 lofts, two loft homes, and 15,000 square feet of retail space.
"This was just amazing opportunity to get four contiguous historic warehouses in the heart of the neighborhood and take half of a blighted block and turn it into something really special," MMPartners founder and managing partner David Waxman tells Curbed Philly.
The property was built in 1901 and sits at 17th and Fairmount Avenue. It was designed by local architect firm Baker & Dallett and served as the headquarters for the A. F. Bornot French Steam Dyeing & Scouring Establishment. The properties are listed on the Philadelphia Historic Register.
The property sat vacant for 15 years until 2012, when owners Spring Garden Community Development Corporation showed it to MMPartners. In 2014, MMPartners closed on the properties at 1626-1644 Fairmount Avenue and 1615-1635 Melon Street. The total cost of the renovation was $10 million.
The two loft homes have already been pre-sold, but the 17 loft units are currently pre-leasing—though, they're still finalizing rental prices, Waxman says. They're a mix of 1-, 2-, and 3-bedroom loft units ranging from 900 to 1,650 square feet. All of them will feature a mix of original details and modern finishes.
They've also secured retail tenants that include a bank, Yoga Habit studio, a home goods store, and Anytime Fitness. They'll set up shop in the former security elevator building.
Editor's note: A previous version of this article stated that MMPartners bought the properties for $10 million. The total cost of the actual project was $10 million.
- AF Bornot Dye Works [Official]