A new mixed-use development featuring luxury apartments
is coming to a stretch of Germantown Avenue with the aim of attracting young
professionals to the Mt. Airy section of Philadelphia.
The project, which will include 28-luxury apartments and
3,800-square-feet of ground floor retail space, will replace a soon-to-be
demolished vacant property at 6656-62 Germantown Ave. that was last home to a
dialysis center, according to Newsworks.org.
"We're adding some real life to an area that needs
it," said Jared Pontz, Vice President and Managing Partner at Martin
Elfant Inc. Real Estate.
The target: millennials with discretionary income.
Pontz, who has partnered with Bob Elfant, Conshohocken's
How Properties and Max Berger of MBA Equities on the venture, says their target
market is young professionals.
Apartment units will range from efficiencies to two
bedrooms, all with in-unit laundry, dishwasher, central air and outdoor space.
Prices will range from $900 to $1100 for a one-bedroom unit and $1,200 to
$1,400 for two-bedroom units.
Gone will be the existing 20-car parking lot, the first
30 feet of which will become part of the new building's retail space. Behind
that, and covered by residential units, will be parking for 16 vehicles, plus
dedicated bicycle parking.
Some in the community preferred a condominium property,
saying ownership would promote a more stable community. A group of neighbors
even gathered signatures for a petition, which was hand delivered to several
local lawmakers, Newsworks reported.
Source: Philadelphia
Business Journal
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