GY Properties, a Philadelphia-based developer, has significantly expanded its footprint in Fishtown by opening the first phase of its latest project near the Delaware River, writes Paul Schwedelson for the Philadelphia Business Journal.
The first phase of the project, Five on Canal, features three apartment buildings totaling 264 units. The first two buildings have already welcomed residents, while the third is set to open by the end of June.
By the time the final two buildings are complete by 2026, the development will total 508 apartments and 18,000 square feet of commercial space.
GY Properties CEO Haim Gelfand highlighted that the site was previously abandoned, ugly, and an eyesore.
“The main goal was to create a gate between Fishtown and Northern Liberties and the waterfront,” said Gelfand.
This is just the latest project GY Properties has developed in the area, as it developed three Waterfront Square condominium, east of the Five on Canal site.
GY Properties bought four parcels for $23 million in 2021, where Five on Canal sits.
According to GY Properties COO of Property Management Dan Kelly, the first completed building is currently 70 percent leased.
“The thing that makes us stand out is going to be our price point,” Kelly said.
Read more about GY Properties’ Five on Canal development project at the Philadelphia Business Journal.
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