The second phase is set to include 431 units across two buildings, an eight-story building and a 16-story building and will add to the existing 695 units, bringing the Piazza Alta to a total of 1,126 apartments. The addition will be built on top of existing podiums and is expected to be completed by the end of 2027.
Even with Northern Liberties experiencing a wave of development and increasing competition, the two-year-old Piazza Alta was 97% leased in June.
Post Brothers has targeted high-income earners who would likely be in the pool of prospective homebuyers. With home supply tightening and rising prices over the last few years, Post Brothers has observed high-income earners delay home purchases and rent longer.
Post Brothers believes now is the right time to move forward with the next phase of Piazza Alta given that new multifamily development has slowed significantly in Philadelphia.
"There is still some hangover of supply delivered in the last two years, but new deliveries are clearly falling off a cliff as absorption continues strongly," Michael and Matthew Pestronk said. "This project will clearly be delivered into an exceptionally strong market."
The second phase is set to include 431 units across two buildings, an eight-story building and a 16-story building and will add to the existing 695 units, bringing the Piazza Alta to a total of 1,126 apartments. The addition will be built on top of existing podiums and is expected to be completed by the end of 2027.
Even with Northern Liberties experiencing a wave of development and increasing competition, the two-year-old Piazza Alta was 97% leased in June.
Post Brothers has targeted high-income earners who would likely be in the pool of prospective homebuyers. With home supply tightening and rising prices over the last few years, Post Brothers has observed high-income earners delay home purchases and rent longer.
Post Brothers believes now is the right time to move forward with the next phase of Piazza Alta given that new multifamily development has slowed significantly in Philadelphia.
"There is still some hangover of supply delivered in the last two years, but new deliveries are clearly falling off a cliff as absorption continues strongly," Michael and Matthew Pestronk said. "This project will clearly be delivered into an exceptionally strong market."
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