CVS, 59 apartments coming to Old City

A new mixed-use development that includes a drug store and apartments will replace what is known as “Shirt Corner” in the Old City neighborhood of Philadelphia.

Alterra Property Group has assembled 10 properties at the corner of North 3rd Street and Market Street for the $20 million project, which will have a CVS Pharmacy and 59 apartments.

Alterra plans to demolish two properties — one of which is a local bar called Lucy’s Hat Shop and the other a former lingerie store — to make way for a four-story, 54,000-square-foot building. Of that space, the apartments will occupy 40,000 square feet and 14,000 square feet will be dedicated to commercial space. The CVS will occupy 10,000 square feet on the ground floor and 2,500 square feet in the basement. Another yet to be named retailer will occupy the remaining 1,500 square feet.

The developer has been working on the project for the last seven months and went before the Philadelphia Historical Commission since the site consists of several properties that are listed on the city’s historic register. He also met with Old City District and other community members, and the plans were tweaked based on that input, said Leo Addimando, managing partner at Alterra.

The current design is by right and Addimando is hoping the development will help to “revitalize this important gateway corner in Old City.”

Coscia Moos Architecture, which is based in Old City, designed the development.

Addimano’s company already owns and manages rental properties in Old City and he believes the market can absorb more inventory.

“We think the market is good,” he said in an interview. “Demand for high-quality housing is high in our opinion.”

Addimando said he expects to close on buying the properties, which involves five different owners, in the coming weeks and wrap up the approval process in November. Construction is scheduled to begin in December and be completed in 15 months.

Source: Philadelphia Business Journal