Large "condo-like" development breaks ground near Temple University
Please note: This article is published as an archive copy from Philadelphia City Paper. My City Paper is not affiliated with Philadelphia City Paper. Philadelphia City Paper was an alternative weekly newspaper in Philadelphia, Pennsylvania. The last edition was published on October 8, 2015.
A 63-unit rental project is being built in anticipation of condo conversion.
A rendering of the 63-unit proposal
Blackstone Development
Blackstone Development
Blackstone Development recently broke ground on the latest in a seemingly endless string of large residential projects that have popped up around Temple University. Located at 1325-37 North 15th Street, plans call for the construction of a four-story, 63-unit residential complex with 38 parking spots and a "bike garage."
Developer Michael Petri, who has expressed his bullishness about the Temple housing market before, says this project will "cater to the discerning client," including both students and "young professionals."
"The Temple market is rapidly changing and is no longer just for Temple students," said Petri. "We're seeing an increased interest from Temple graduates who are staying in the area."
Petri emphasized that his building would have "many luxurious features," including balconies, full baths, a "large, elaborate" courtyard and on-site staff. He said the amenities and quality of the units would be similar to many condominiums.
"We will lease them, but they are being built as condos," said Petri, in an email. "If the market continues at its current pace, there will be a demand for condos."
While Temple University has seen a major influx of student housing, many have speculated that market will dwindle as a series of enormous on-campus apartment projects reach completion. This could be the first new development that specifically targets potential homebuyers and people seeking luxurious housing in this section of North Philadelphia.
It's still unclear how many people fall into either category or how neighbors in the historically low-income neighborhood will react to a crop of new "condos" next to the vacant lots and crumbling buildings that still dot the area.
