| Speaking of multifamily, apartment investments aren't the only thing happening in Philly. We're talking new development. We spoke with John Buck Co's Lori Healey, who says the developer is moving forward on its plans to raze the Sidney Hillman Medical Center to make way for a 34-story apartment tower (above). Lori says the yet-to-be-named project at 2116 Chestnut will include 319 units in a mix of studio to two bedrooms with rental rates “commiserate” with the current market. Groundbreaking will begin in the next 120 days (so look forward to a picture of people in suits with shovels) with delivery in Q2 '13. Lori says the $104M project is being funded in part by John Buck's funds III and IV, which doesn't include the planned costs to redevelop the medical clinic at the corner of Van Pelt and Sansom streets. |
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