A local real estate firm is converting an assemblage of
buildings at 5th and Bainbridge in the Queen Village neighborhood of
Philadelphia into a 30-room boutique hotel.
Zaken Realty Trust of Philadelphia bought the properties
that were associated with 13 different addresses and comprise an entire block
at 5th, Bainbridge and Kater streets. The buildings had been owned by the Paul
family, which operated John C. Paul Co.
While a couple of the buildings will be turned into
apartments, the bulk of the properties will be converted into a boutique hotel,
said Steve Jeffries of Precision Realty Group.
“While Center City has hotels, the neighborhoods don’t and
if you have a friend or parents come into town, sleeping on the couch isn’t
something you want them to do,” Jeffries said. “They need a little hotel.”
The building will have a total of 7,000 square feet of
street-level retail space and Jeffries is seeking to fill it with a restaurant
similar to the Bainbridge Street Barrel House and some smaller storefronts.
The project is expected to be completed by the end of the summer.
Source: Philadelphia
Business Journal
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