Wednesday, October 12, 2005

Yet Another Condo Project

One of the side benefits of Philadelphia's condo boom is that empty lots are increasingly being gobbled up for housing. The latest to undergo a residential makeover is the South Street lot next to the Arts Bank, on Broad Street. Rimas Properties broke ground earlier this month on a 72-unit, loft style development called 1352 Lofts. At five stories, it's a nice height to mediate between the tall buildings of Center City and the rowhouses of South Philadelphia. The building gets kudos for incorporating underground parking and ground-floor retail. The developer is also smart enough to recognize that South Street is no longer a frontier, but a desirable location.

The architects are Granary Associates, better known for its hospitals than its houses. It's hard to tell from this image whether 1352 Lofts is going to be a respectable small apartment building, or a schlock job, but developer Sammy Benakmoume promises good materials - glass and poured-in-place concrete. Completion is scheduled for September 2006.


Blogger bnye said...

You should check out San Diego. Million dollar condos as far as the eye can see.

6:57 PM  
Blogger mark said...

San Diego's market is a little different than Philadelphia's.

The Center City Philadelphia market is based almost exclusively on city living. Suburban empty nesters, suburban yuppies and a slew of buyers from NYC and DC looking for more bang for their buck. San Diego's market may be driven more by real estate investors and vacation rentals. Although San Diego is an amazing city in its own right.

It seems that the less fanfare, the lower you can fly under the radar, the better chance developments in Philly have.

I was shocked to see them breaking ground on this project last week. I heard nothing about this up until a few weeks ago.

$300,000 for a studio
$1.2 million for a penthouse suite
According to the ads(truthfullness ?) the sales have been phenomenal.

Great to see. This will bring added life to South Broad and help extend South Streets westward expansion.

8:22 PM  
Blogger lisa said...

So I guess they've razed Bacchanal, across from my first dive apartment circa 1983 at Juniper and South? If memory serves, that was adjacent to the Arts Bank, formerly a thrash venue. Sheesh. It figures that Philly is suddenly the up and coming place, five years after I leave.

8:48 PM  
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4:54 PM  
Anonymous Anonymous said...

I think this place is going to be great. I really haven't seen anything like it in Philadelphia.

2:29 PM  
Blogger derbystinks said...

Does anyone realize that Bainbridge street facing the back of this project is a horribly run down drug corner. The hoagie shop 1/2 block east of Broad is full of trouble and noise. There are fights and bottles being smashed constantly. For nearly a million you can count me out.

3:37 PM  
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