[mcgrath618]

From the Broad and Noble thread:

Originally Posted by Urbanthusiat

Revitalizing N Broad Street girds for surge of new apartments with two major projects planned

Alterra of Philadelphia, meanwhile, is planning a midrise with as many as 500 units at the northwest corner of Broad and Spring Garden Streets.

Both projects were at least partly motivated by their locations in Census tracts designated as a “Qualified Opportunity Zone” under a provision of the 2017 tax cut bill, offering investors in projects there potentially big savings on what they owe the IRS.

Toll told neighbors it is under contract to buy the nearly one-acre site at 427 N. Broad St., which is currently used as a parking lot, from its current owner, the Church of Jesus Christ of Latter-day Saints, after its zoning permits have been issued, association president Sarah McEneaney said.

The site was selected for its vicinity to the Rail Park, as well as for its proximity to Center City and its public transit access using the Broad Street Line subway, Piedrahita said. Its location in an opportunity zone was also “one of the many factors we considered,” he said.

Toll’s condo-development division is building a 24-story residential tower in the Jewelers Row shopping district on Sansom Street in Center City. Sundance Bay, Toll’s partner on the North Broad Stret project, is led by a team that includes two sons of former presidential candidate and current U.S. Sen. Mitt Romney.

Leo Addimando, Alterra’s managing partner, meanwhile, said he is under contract to buy his company’s planned 1.5-acre development site at Spring Garden Street from Parkway Corp., which previously proposed offices, apartments and shops at the property.
Alterra’s plan for a seven-story midrise over ground-floor retail and 275 underground parking spaces will be financed with the participation of investors seeking to take advantage of the site’s opportunity zone designation, he said.

While its current permit application for the site calls for 500 apartment units, that number may be dialed back to the “low-400s” to accommodate office space rather than dwellings on its second floor, Addimando said. The company is in talks with potential supermarket tenants to anchor the ground-floor retail space, he said.

Alterra hopes to start construction during the second half of next year, wrapping up before the end of 2021, Addimando said. That accelerated schedule will be enabled by the use of modular construction.

Addimando said he’s not concerned about competing inventory in the immediate area, since he expects renter demand to come from throughout the city, as it has for his company’s 322-unit Lincoln Square project on Broad Street in South Philadelphia.

“We look at it as an extension of Center City,” he said of the new N. Broad Street site.

https://www.inquirer.com/real-estate...-20191025.html