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The development boom centered around North Broad Street will see another multifamily building born from the bones of an industrial facility.
PRDC Properties has purchased the former Frank P. Heid & Co. hat factory on the corner of 13th and Wood streets for $7.6M and plans a $13M renovation to restore and clean the exterior and turn the interior into 96 apartments, a 10- to 15-person co-working space and a ground-floor restaurant, the Philadelphia Inquirer reports.
PRDC has already obtained the necessary construction permits; it plans to start construction in November. Move-ins are expected to start by spring 2019 for apartments ranging from $1,100 per month for a studio to $2,600 per month for a two-bedroom.
The Heid building will sit just a block away from the recently opened Hanover North Broad apartments and just a little bit farther from The Hamilton, another industrial-to-multifamily conversion from Radnor Property Group and the Community College of Philadelphia.
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