Philadelphia-based Center City Development has acquired a largely vacant office and retail building in Midtown Village, with plans to convert it to residential use, writes Paul Schwedelson for the Philadelphia Business Journal.
The developer paid $1.75 million to JacobsWyper Architects for the four-story, 12,000-square-foot building at 1232 Chancellor Street and intends to convert the top three levels into nine apartments. The property sits in the heart of the bustling 13th Street restaurant corridor.
“We love the location of the property,” said Center City Development CEO Noah Ostroff. “We think this location is just fantastic with all the restaurants and stores and easy access to public transportation nearby.”
The building’s ground floor is occupied by European Wax Center, which recently signed a long-term lease for the space.
The upper floors were previously home to JacobsWyper Architects, which relocated to new offices in late July.
Center City Development usually develops properties with ten to 40 apartments.
“Not everybody wants to live in a big, amenitized building with a lot of people,” said Ostroff. “Some people want the smaller boutique. Some people want both, but we’re trying to cater to the people that want smaller boutique buildings in core neighborhoods with really nice apartments.”
Read more about the conversion project in Midtown Village in the Philadelphia Business Journal.
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