The Durst Organization's proposed 26-story, 360-unit apartment project along the Delaware River is among a series of multifamily developments going through the approval process in Philadelphia, underscoring the optimism residential developers have for the city in spite of the pandemic, reports the Philadelphia Business Journal.
A new housing report by Center City District reveals that an area defined as Greater Center City had 9,400 residential units under construction as of the end of last year, which is a 39% increase compared with the 6,762 units under construction at the end of 2019.
Post Brothers is tackling one of the largest multifamily projects currently under development as it continues to transform the Piazza in Philadelphia's Northern Liberties neighborhood. When it bought the Piazza in 2017, the community had 500 apartments. Another 700 units is in development at a project called Piazza Terminal.
Post Brothers also developed 280 units at the Poplar at Ninth and Poplar streets that is 25% leased.
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"Absorption has been incredible," Matt Pestronk of Post Brothers told PBJ.com. "During the early part of COVID, the market was dead but, across the whole portfolio, we are more leased than we were and at higher rents."
PBJ.com reports on how developers continue to plan for the future of Philadelphia's apartment market.