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Greystar to begin $100M apartment project at 12th and Sansom

Greystar, a company that manages 7,000 apartment units across the region, is embarking on its first project in Center City with the development of a $100 million-plus building at 12th and Sansom streets.

South Carolina-based Greystar is doing the project in a venture with Mesirow Financial, a Chicago firm in which it has partnered with on other investments. The 20-story project will rise on what is now a parking garage that will be demolished over the next couple of months, and have 399 apartments along with 11,000 square feet of commercial space.
The company likes to pay particular focus on the retail component of its projects as a way to help attract renters and establish a connection between pedestrians along the street and those living in the apartments.

“Fun, exciting retail helps lease apartment buildings,” Hayward said. “We would love to find a coffee user and integrate that into other parts of the building. We would like to find a small format market for residents and for the neighborhood. There’s a Target and CVS there and we don’t need to compete with those. It can be hard to find the right one.”

A restaurant is also an option that will be considered. Paige Jaffe of JLL is overseeing leasing the retail space.

While it kicks off this project, Greystar is looking for other opportunities in Center City, University City and West Philadelphia as well as suburban areas adjacent to the city such as Bala Cynwyd. The 12th and Sansom project is expected to be completed during the summer of 2023.

There's a bit about the overall rental market in this article too.