Northern Liberties will soon be the site of a new “co-living” concept which allows renters to share certain aspects of their living space, like a kitchen and bathroom, with other tenants.
The concept, called Quarters, is the brainchild of real estate company Medici Living Group, which has planned similar locations in New York and Chicago. The Northern Liberties space will go in at 1150 North American Street—currently a beer distributor—and will be a seven-story building with 60,000 square feet of space total, according to a statement from the group.
In the building, 186 living units (which are essentially private, locked rooms) will be grouped together across 74 shared flats, each with communal kitchens and bathrooms. The goal of the concept is to cut down on living costs, especially for young professionals. Medici claims that a “deluxe living accommodation” like Quarters is able to offer prices that are 10 to 20 percent more affordable than comparable, surrounding studio apartments.
The Philly and New York projects—which will be advertised online late this year and in 2020, respectively—represent the group’s next step toward, “achieving its goal of becoming the WeWork of co-living,” the statement said.
The announcement follows a $300 million investment which allows Medici Living Group to open more locations in places like Washington D.C., San Francisco, Los Angeles, Boston, and more.
For now, the group says they’ve tapped Philly because of its economic growth, cultural institutions, universities, and its major airport.
“Philadelphia is well positioned for continued growth and well-matched to Quarters’s unique offering,” they said.
Developers Spain Property Group broke ground on the place at the end of last year and they have plans to wrap up construction by the end of 2019.