Just a short time after receiving final approval to construct
Soko Lofts, Canus Corp. is looking to sell what is now a shovel-ready project.
Located at 1300-1354 N. Second St. in the South Kensington
neighborhood of Philadelphia, the 2.8-acre site has been fully approved for a
three-building, 320-unit apartment complex.
While the parcel was approved for 320 units, the developer
had planned to build a 278-unit complex with 125 parking spaces and 1,600
square feet of retail space.
The offering includes not only the fully-approved site, but
all design drawings, architectural work and site plans. Armed with that, a
buyer could break ground within weeks of buying the property.
The property could sell for roughly $10 million, or a little
more than $30,000 a unit. Newmark Grubb Knight Frank is marketing it.
It’s difficult to discern what kind of market there is for a
shovel-ready project in South Kensington.
While it’s early in the marketing process, Mike Margolis of
NGKF said he has received interest from local, regional and national buyers.
With the Center City apartment market at a 3 percent vacancy, there are many
developers who want to get into the market, Margolis said. A fully-approve site
means a developer doesn’t have to go through a lengthy planning and zoning
process. It took Canus nine months to wend through the approval process, which
were finalized in October.
Money is also still chasing apartment projects.
“There is more debt and equity available for multi-family
developments than any other property type,” Margolis said. “Lastly, South
Kensington has evolved into a new, hip neighborhood with quick access to Center
City and major roadways.”
That part of Philadelphia used to be the center of
Philadelphia’s manufacturing base. During the last decade, Northern Liberties
and neighborhoods surrounding it, such as South Kensington, have increasingly
become more vibrant with new restaurants and residents.
Source: Philadelphia
Business Journal
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