D3 Real Estate Development plans to convert the building
into a mixed-use project
D3 Real Estate Development has acquired a vacant warehouse
on North Front Street in Philadelphia and has plans to convert it into a
mixed-use development.
D3 bought the 21,000-square-foot building at 1601-23 N.
Front St. for $600,000 and plans to renovate the space into a destination that
will have retail space, a micro-brewery, restaurant, office space, fitness
center or gallery. It will also have space for live entertainment.
The building, which was last used as a truck repair
facility, sits at the nexus of Fishtown, South Kensington and Northern
Liberties, said Michael Barmash, a broker with Colliers International who
arranged the transaction. The seller was Reliable Autobody.
The property sits about a block from D3’s Oxford Mills, a
$35 million mixed-use project at 100 W. Oxford St. The developers are
converting two buildings that total 160,000 square feet into 114 apartments and
40,000 square feet of office space that will be leased to educational
nonprofits. It will be anchored by Teach for America’s regional headquarters. A
café and entrepreneurial incubator for emerging educational nonprofits will
also be part of the project. The commercial space will be available in April 2014.
Source: Philadelphia
Business Journal
No comments:
Post a Comment