 |
| A rendering of the 63-unit proposal |
Blackstone Development recently broke ground on the latest in
a seemingly endless string of large residential projects that have popped up
around Temple University. Located at 1325-37 North 15th Street, plans call for
the construction of a four-story, 63-unit residential complex with 38 parking
spots and a "bike garage."
Developer Michael Petri, who has expressed his bullishness
about the Temple housing market before, says this project will "cater to
the discerning client," including both students and "young
professionals."
"The Temple market is rapidly changing and is no longer
just for Temple students," said Petri. "We're seeing an increased
interest from Temple graduates who are staying in the area."
Petri emphasized that his building would have "many
luxurious features," including balconies, full baths, a "large,
elaborate" courtyard and on-site staff. He said the amenities and quality
of the units would be similar to many condominiums.
"We will lease them, but they are being built as
condos," said Petri, in an email. "If the market continues at its
current pace, there will be a demand for condos."
While Temple University has seen a major influx of student
housing, many have speculated that market will dwindle as a series of enormous
on-campus apartment projects reach completion. This could be the first new development
that specifically targets potential homebuyers and people seeking luxurious
housing in this section of North Philadelphia.
It's still unclear how many people fall into either category
or how neighbors in the historically low-income neighborhood will react to a
crop of new "condos" next to the vacant lots and crumbling buildings
that still dot the area.
Source: Philadelphia
City Paper
No comments:
Post a Comment