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Yet another multifamily building is coming to the area surrounding North Broad Street just north of Center City.
Ivy Realty Services has obtained construction financing for a redevelopment of 1600 Callowhill St. to convert the building from offices to multifamily units, with 2,600 SF of ground-floor retail. Originally built in 1910 as a warehouse, the six-story building was converted to offices in 1990. The Philadelphia division of U.S. Immigration and Customs Enforcement is one of the tenants that will be forced to relocate.
Greenwich, Connecticut-based Ivy Realty purchased 1600 Callowhill in December with the goal of redeveloping it, and picked Hunter Roberts Construction Group in March to oversee pre-construction and construction. At that time, the project was estimated to begin work in November and be ready for move-ins by January 2019. Thanks to rezoning in the area and a $23M construction loan from Santander Bank, that work can now move forward.
Ivy will convert the 140K SF building into 93 loft apartments and a selection of amenities that has not yet been confirmed. It has directed Hunter Roberts to renovate with the goal of preserving the historic qualities of the building, so it can qualify for the Federal Historical Tax Credit.
Cushman & Wakefield represented Ivy in obtaining the construction loan from Santander.
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