A group of New York investors have plans to transform a blighted area in North Philadelphia into a major transit-oriented development with residential units, offices, and retail, according to reports.
News of the project were revealed when the Redevelopment Assistance Capital Program (RACP) revealed its latest listing of projects for round 1 of 2017. The North Station District has applied for a $20 million state grant.
The collective North Philadelphia District LLC, which includes HFZ Capital Group, Arete Group, Merchant Equity Group, and Amtrak, wants to start off with a $162 million first phase, which would include building two residential buildings on a four-acre site right by the North Philadelphia Station on 2900 North Broad Street.
The Philadelphia Inquirer reports that the two structures would include a six-story, 105-unit apartment building and a 21-story tower with 128 apartments and 214,000 square feet of office space.
The currently vacant industrial warehouse, known as the Ink Factory building, would also be turned into a start-up and manufacturing workspace.
It’s an ambitious project for the neighborhood, which is currently one of the most poverty-stricken areas in Philly. Its current poverty rate is a staggering 45 percent, according to a recent Center City District report. But the North Philadelphia District group thinks the neighborhood’s location—situated just blocks from public transportation and Temple, poises it for success.
If the RACP grant is approved, the project will break ground in 2018 and finish construction on the apartment building and factory in the fall of 2019. The office portion would be complete in October 2021.