Last week, we told you that it is North Broad Street’s time to shine when we covered plans for a 290-unit tower at Broad and Spring Garden. We mentioned multiple other projects that have recently been completed nearby and have assisted in the revitalization of North Broad and its surrounding neighborhoods. Although we love skyscrapers, not every project is going to have an affect on the skyline. Smaller infill projects and rehabs often have major impacts by adding residents and commercial tenants to neighborhoods.
Today, we bring you the Stable Lofts building, originally constructed in 1867 as the Edwin Hart Stables. Developers acquired the building on the 10,042 square foot, CMX-4 zoned lot at 631 N. Broad St. in November of 2015 for $2.5 million. Shortly thereafter, in March of 2016, the Zoning Board of Adjustments (ZBA) approved the development team’s plan to convert the building into 41 residential units with ground floor retail and 36 bicycle spaces. New construction permits were issued in April of 2016.
In order to fit 41 units on the site, North Broad Living Management pursued an overbuild on top of the existing structure. The building rose from 3 to 7 stories. Although the beautiful Broad St. facade of the building was preserved and restored, a large portion of the building was demolished in order to erect the additional floors.
We think the project looks fantastic from the exterior. The modern addition does not detract from the stunning original, brick, Italianate facade. It actually adds a layer of intrigue to the building. The overbuild reminds us of the Wythe Hotel in Brooklyn and some of the other additions we have seen over historic buildings in Europe. We hope the 90-unit overbuild at 1209 Vine St. that we recently told you about turns out nearly as good as the Stable Lofts.
Stable Lofts is currently leasing up. The interior spaces look great and the building sports amenities such as a rooftop deck with a BBQ station, a Peloton bike fitness room, and a secure package room with a refrigerator for groceries. Studios are leasing for $1,750, 1 bedroom units are going for $1,900 to $2,500, and 2 bedroom apartments are renting for $2,800 to $3,600.
We have not heard any word on what business will be taking over the 10,000 square feet of retail space. There were originally 2 storefront entrances planned for the ground level. This would have likely allowed for two commercial tenants. We see that plans changed in May to include only one entrance in the middle of the building. This leads us to believe that the owners may have a retail lease for the full 10,000 square feet secured.
What kind of business would you like to see open here? How do you feel about the design of the 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