Photo: Laura Kicey
Arielle Gottlieb over at Allan Domb’s office sent us some information about the busy investor/developer’s latest project:
1955 Locust is a 9-unit building with micro-apartments ranging in size from 352 square feet to 510 square feet. There is one studio and the remainder are true one bedroom units. Although brand new, 1955 Locust stays true to many of its original building details such as oversized windows, high ceilings, restored wainscoting and other woodwork, and some homes even have the original marble fireplace mantels.
Despite being so small, each unit has high-end finishes and features including: hardwood floors throughout; bathrooms with stylish vanities and tile detail; kitchens with wood cabinetry, stainless steel appliances and granite countertops; and Bosch stackable washers and dryers.
Prices start at $1,390 per month.
Walnut Street in 2007. Via Wikipedia.
The Inquirer‘s fashion writer Elizabeth Wellington spoke with longtime Walnut Street style doyenne and shop owner Joan Shepp this weekend about what she’ll do now that she’s being priced out of the store that made the street chic to begin with. While Shepp isn’t sure where she’ll go next (we’ve heard rumblings about Chestnut Street; also, 15th Street), she certainly can’t afford the rent now charged to the “average 2,000- to 2,500-square-foot store…about $22,000 to $34,000 per month.”
In truth, Walnut Street has been expensive for a long time. In 2005, Women’s Wear Daily put it on a list of the most expensive retail streets, and reported that its average rent was $90 per square foot. (It’s now between $130 and $160 per square foot.)
Don Davidow, co-owner of Knit Wit, which moved to Chestnut Street, told Wellington: “Independent, local boutique owners just can’t afford to be on Walnut Street anymore.” And indeed, many of the newcomers are not independent: Intermix, the coming-soon Madewell, Stuart Weitzman, Theory, and potentially J. Crew menswear and C. Wonder.
Every now and then it’s fun to see how busy Allan Domb is. The answer is: busy. Here are three developments we’ve recently learned about. He might want to invest in a cape and a phone booth.
Photo of Allan Domb in the lobby of Parc Rittenhouse by Laura Kicey
Property Profiles is a series highlighting the people who have defined the Greater Philadelphia area and continue to chart its future–from established developers with numerous projects behind them to young visionaries who are just starting out to under-the-radar players who get everything done. Have someone you’d like to see featured? Send us an email and let us know! [...]