Back in June of 2019, we told you about Brickstone’s plan to replace a 2-story, 455-space parking garage with a 300-unit senior living facility at 123 S. 12th St. in the Gayborhood. That project would have risen 24-stories. It looks like the plans and development team have changed.
In anticipation of the Civic Design Review (CDR) hearing on March 2nd, plans for a new project at the site were released. Greystar is planning to build a 20-story, 270 foot tall, 371,700 square foot tower with 412 residential units, 11,300 square feet of ground floor commercial space, 94 underground automobile parking spots, 138 bicycle stalls, and two roof decks. This project can be built by-right on the 26,550 square foot CMX-5 zoned property.
The tower will rest on a 2-story podium clad in dark grey brick. The upper facade will consist of dark metal paneling and metal-flecked paneling with a color inspired by the neighborhood’s red brick buildings.
The residential entrance will be located in the middle of the building on Sansom St. The loading area and garage ramp will be located on the eastern side of the building along Sansom St. The current curb cut along 12th St. will be eliminated, which should help make 12th St. safer for pedestrians and bicyclists. The 12th St. frontage on the new building will consist entirely of retail windows and entrances.
We have not heard if the new plan incorporates any kind of age restricted residential units. Greystar has been involved in 55+ residential developments. So, it would not surprise us if this building targeted that demographic. However, the CDR materials make no mention of age restrictions.
We’re really excited to see more residential density added in Center City, where demand has continued to grow over the last several years. The large commercial space should also be a great asset for the neighborhood.
How do you feel about this project?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property