Bullish on Owl Territory
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.
Blackstone Development recently broke ground on construction near Temple University of a four-story, 63-unit residential complex with 38 parking spots and a “bike garage” at 1325-37 N. 15th St.
Developer Michael Petri, who is bullish about the Temple housing market, 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,” Petri said. “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, a “large, elaborate” courtyard and on-site staff.
“We will lease them, but they are being built as condos,” Petri wrote 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 the market will dwindle as a series of enormous, on-campus apartment projects reach completion. This could be the first new development that targets potential home buyers and people seeking luxurious housing in this section of North Philadelphia. It’s unclear how residents of the historically low-income neighborhood will react to a crop of new “condos.”
