We told you in June about signs that a major development was coming to the northwest corner of Broad and Washington. Now the plans and players are beginning to emerge.
Curbed Philly reports the project — called “Lincoln Square” — will develop a vacant lot on the site into an eight-story apartment building with 356 units, along with 74,000 square feet of retail. A 360-space parking garage is also proposed for the site. The project cost is estimated at $100 million.
The site sits across the street from where developer Bart Blatstein has run into neighborhood opposition with his proposal for a 34-story residential tower. But Lincoln Square’s developers believe they can avoid that trouble.
“We really used some of the neighborhood association’s surveys as a guide to what we’re putting together,” said Steve Gendler of MIS Capital, LLC. “So we really feel like they’re kind of partners in the deal.”
As for the players: Philly.com reports today that Alterra Property Group has joined MIS Capital, LLC on the project, occupying the position previously held by Toll Brothers Inc.
The northwest corner site includes a former railroad shed that was once a stop for Abraham Lincoln’s body during his funeral procession home: Thus, the “Lincoln Square” moniker.
“The Broad and Washington corridor is a huge, underdeveloped, historic urban nexus,” Gendler told Philly.com. “We believe the intersection can support two significant developments.”
Source URL: https://www.phillymag.com/property/2016/03/15/lincoln-square-broad-washington/
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