On Fairmount Avenue, a 14-story mixed-use project that’s been in the works for years, is finally making some serious headway.
The project, known now only by its address at 1300 Fairmount Avenue, will break ground Thursday, right behind the historic—and recently restored—Divine Lorraine hotel on North Broad.
Headed up by New York-based developers RAL Cos. & Affiliates, the project will bring 478 rental apartments that range from studios to three-bed places, along with nearly 60,000 square feet of retail to what is now a vacant lot. The $190 million project is expected to wrap up in 2020, according to Biznow.
Already, 38,000 square feet of the planned commercial space has been leased out to Nobel Learning Communities for a Chesterbrook Academy Preschool, according to a statement on the project.
Additionally, just last month, discount grocer Aldi, which has stores in 35 states around the country, signed a lease for over 25,000 square feet of space at 1300 Fairmount.
The project has been in the works for a while. Back in 2016, developers received a $3 million state grant and a permit from the city to excavate a storage tank from the site.
Mayor Jim Kenney, Council President Darrell Clarke, and representatives from RAL Cos. & Affiliates are expected to attend the groundbreaking Thursday afternoon.