The former Gold-Tex building on North 12th Street in the Loft District of Center City — the site of union protests and other labor shenanigans — had an initial round of a dozen renters who started moving in last week.
It’s a milestone that organized labor tried its best to — at the least — delay through bullying, intimidation and other unsavory tactics during the building’s construction. Post Brothers Inc., the building’s owner and developer, persevered and has nearly completed its $40 million conversion of the 11-story building, although it's about three to five months behind schedule.
“It’s been so hard. I’m glad it’s done,” said Matt Pestronk, who runs Post Brothers with his brother Mike.
Renters have moved into the eighth floor and the developer is putting the finishing touches on the other floors. If all goes as planned, its 163 units will be fully completed by the fall. Rents range from $1,500 for studios to $3,500 for three-bedroom units. A penthouse, which sits adjacent to the workout room, roof-top pool and outdoor lounge area will go for in excess of $5,000.
About 25 percent of the apartments have been pre-leased to young professionals. Pestronk anticipates the pace will pick up once everything is tidied up. The exterior of the building where you now see blue will eventually be covered with silver.
While Gold-Tex is nearing the finish line, Post Brothers is still busy. It will begin a major, $200 million overhaul of Presidential City on City Avenue and another big $100 million conversion of 260 S. Broad St. in Center City.
“It’s all big stuff,” Pestronk said.
No comments:
Post a Comment