Continuing on from last week, we are going to take a look at three more exciting real estate development projects that are “ones to watch” in 2023.This is the second article in a multi-article series, so be sure to check out the other post on our website!
South Broad Street
Multiple mixed-use buildings have been planned by developer Carl Dranoff along Broad Street in 2023. He had a very active 2022, recently celebrating the opening of the Arthaus, a 47-story luxury condo building located in the Avenue of the Arts area. 2023 promises to be just as engaging, with a new building being developed on Broad Street and Pine Street. The apartment building is set to be 14-stories tall and contain 91 units. The building will also include commercial space on the ground floor, and has been described by developer Carl Dranoff as an, “elite boutique apartment building”. Construction is set to begin soon, with no specific date set in place as of the time of writing.
Iron Stone Apartments
Iron Stone Real Estate has unveiled their ambitious plans to begin one of the largest scale real estate developments Philadelphia has seen in decades. The site of this development will surrounding the Provident Campus in West Philly, located at 4601 Market Street and serves as office space for workers from the Public Health Management Corporation and the Children’s Hospital of Philadelphia. It also contains a charter school for young children from kindergarten to fourth grade. This development project aims to build over 1,000 new apartments in the area, with five 7-story builings and one 18-story building.
The ground floor of the 18-story apartment building is set to be reserved for retail space, to provide easy access to shops and dining for residents of the campus. The units in all of the buildings will include studio units, one-bedroom units, and two bedroom units. The entire development cycle has been estimated to take around 3 years, with the groundwork being set into motion in 2023.
Revamping FDR Park
It seems that work has finally started on a 2019 plan to redesign Franklin D. Roosevelt Park in South Philly. The developers have stated that the new design will have around 60% of the park devoted to natural areas. The wetlands area around the park has been the source of some controversy, as some of the soil from the area is planned to be used in the development of new athletic fields in the park.
Local activists have criticized the development of these fields, saying that their development only comes as a result of Philadelphia being chosen as one of the cities to host the FIFA World Cup soccer tournament in 2026. Developers of the project, however, state that these fields were part of the original 2019 plan, and were designed before FIFA’s announcement. As of now, the park is opening in various stages for the next few years, as different areas of FDR Park are revamped.
More information found in “9 Philly development projects you’ll hear a lot about in 2023” | Jordan Levy