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PRDC Properties Plans Industrial-To-Multifamily Conversion Near North Broad

A rendering of the residential conversion of the Heid Building from an old hat factory

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.