With two major conversion projects underway in Washington, D.C., Philadelphia-based Post Brothers is eyeing similar opportunities back home, writes Ryan Mulligan for the Philadelphia Business Journal.
The developer is working to create 1,000 apartments across two major projects in the nation’s capital that convert former office space.
In Philadelphia, others are already pursuing similar efforts, with more than 1,700 apartments planned for Center City through ongoing redevelopment projects.
Now, Post Brothers is looking to once again join them in reshaping Philadelphia’s urban core.
“There’s definitely things we’re looking at,” said Post Brothers CEO Mike Pestronk. “Honestly, last year the capital markets were a little bit down on Philadelphia because of the supply and the leasing. This year, that perspective seems to have really changed. So we’re definitely looking at a few conversion candidates.”
The developer was one of the early adopters of Philadelphia’s conversion scene, starting with its 2013 project that ended up transforming the former Goldtex shoe factory in Callowhill into apartments.
In 2019, it followed with the conversion of the Atlantic office tower into 268 units and a West Philadelphia warehouse into 150 units.
The developer is now also exploring potential projects in suburban Philadelphia, driven by a strong rental market.
Read more about Post Brothers in the Philadelphia Business Journal.
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