Phase 1 Of Post Brothers' One Thousand One Nears Completion: The Philadelphia Deal Sheet
A formerly vacant lot on the corner of Broad Street and Washington Avenue has been replaced by a hulking apartment building with high-end features inspired by the neighborhood’s long-gone luxury mansions.
Post Brothers is nearly done building out the first phase of One Thousand One, which will include 630 units. It should be completely wrapped up by the end of the year, Vice President of Marketing Anthony Scotland said.
“It takes time to build the product to the standard that we want,” Scotland said. “It’s very new. There are a lot of people still moving in.”
The complex is currently about 80% leased as workers put the finishing touches on several dozen apartments and some of the building’s amenities.
While a high-tech gym and an elaborate series of pools are complete and open to residents, a child-centric outdoor “adventure garden” remains under construction and a spa complex is slated for a soft opening this week.
Post Brothers is already plotting an expansion. Work on a second phase with 453 additional apartments will commence early next year, Scotland said, after the existing structure is leased up. There are also plans for another 375-unit addition on the other side of 13th Street.
The successful lease-up at One Thousand One was not always a foregone conclusion.
As recently as last year, the glut of new apartments that came online after developers raced to beat the expiration of a tax abatement program in 2021 meant renters had lots of options.
But Scotland said Post Brothers saw a turning point in October as the multifamily pipeline in the city began to wane.
SALES
Turio Residential Co. spent $24.5M on a 95-unit mixed-use project at 1600 Callowhill St. from Ivy Realty, ConnectCRE reported. A Newmark team that includes Erin Miller, Steven Schultz and Chris Koehler represented Ivy in the sale of the building, which was constructed in 1926.
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DH Property Holdings and DRA Advisors purchased a fully leased 273K SF industrial logistics facility at 800 Coopertown Road in Delanco, New Jersey. The sale was facilitated by NAI Mertz President Scott Mertz.
LEASES
Miami-based Jetset Pilates is adding 12 new locations across Greater Philadelphia as part of its nationwide expansion. That will include outposts in Ardmore, Northern Liberties, Rittenhouse Square, King of Prussia, West Chester, Cherry Hill and Marlton.
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Structural engineering firm LeMessurier opened a new office at 3 N. Second St. in Old City as it works to expand its presence in the Mid-Atlantic and Philadelphia.
“The city’s commitment to adaptive reuse, sustainability, and visionary architecture aligns beautifully with our values,” Managing Principal Greg Shreve said in a statement.
CONSTRUCTION AND DEVELOPMENT
Hanover Co. broke ground on a nearly 358K SF warehouse project in the Lehigh Valley. It is located at 770 Savage Road in Northampton, about 10 miles north of Allentown.
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Black Bear Asset Management and Greystone Capital have pooled $110M in a joint venture to build hundreds of new residential units in the Lehigh Valley. The partnership will build 320 rental apartments and 92 for-sale townhomes at 1492 Van Buren Road in Palmer Township, about 13 miles northeast of Bethlehem.
