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Lincoln Square Launches Apartment Leasing, Announces July Occupancy

A rendering of the Lincoln Square development in Philadelphia

Lincoln Square, one of the biggest new developments along Broad Street in years, is approaching completion.

The joint venture between Alterra Property Group, Kimco Realty and MIS Capital at 1000 South Broad St. has begun leasing the 322 apartments in Lincoln Square, which will be ready for move-ins in July. The apartments range from 380 SF in the smallest studios to 1,427 SF for the largest three-bedrooms, with all sizes in between.

Rents for studio apartments will start at $1,290 per month and range as high as $3,235 for a three-bedroom unit. In total, Lincoln Square is made up of nearly 600K SF, with the residential portion accounting for 310K SF. The parking garage on-site is 139K SF, and a full 100K SF is devoted to retail between the ground floor of the main building and the 32K SF historic train shed, which has been redeveloped into a Sprouts Farmers Market, the first in Philadelphia.

Residents will have access to 50K SF of amenity space, split between indoor facilities such as a fitness center, two clubrooms, a game room, a "work bar," conference rooms and a golf simulator, with a green roof that includes fire pits, a running track, a dog run and a movie projection wall.

The retail portion of Lincoln Square is already 94% leased, with a Target joining Sprouts in the grocery category as well as Starbucks, Sprint, PetSmart and the state-run liquor store Fine Wine and Good Spirits.