It has been five months since Dwight City Group placed its initial $16.25 million bid to acquire the buildings that formerly comprised Hahnemann University Hospital.

The bid has finally been approved and with the sale expected to close by the end of the year, the New York-based developer has confirmed its plans, writes Jake Blumgart for The Philadelphia Inquirer.

Dwight City Group is planning to develop 288 new apartments within the five buildings, including two long-vacant patient towers at Broad and Race streets. There will also be amenities, such as a shared working space and lounge.

“We stick with middle market apartments, not super high end,” said Judah Angster, the Dwight Group’s CEO. “We like to believe that there’s a lot of space for affordable luxury product in the area. That’s the only thing we do.”

While the one- and two-bedroom units for the site were always planned, Angster added that the building’s redevelopment will be a slow process. To this end, it may not be leased up until close to 2030.

This is partially due to the necessary environmental remediation as asbestos has to be cleared out. This process could take a year. Meanwhile, construction could take a year to a year-and-a-half and filling the building could take about as much time.

Read more about the future of Hahnemann University Hospital’s former campus in The Philadelphia Inquirer.

_____