Title: North Station District
Project: luxury apartments, office, lab space, commercial, retail
Architect: Spagnolo Group
Developer: HFZ Capital Group
Location: Broad Street and Indiana Ave., Philadelphia, PA
Neighborhood: Allegheny
District: North Philadelphia
Floors: 21
Height: 273 FT
Working quietly, N.Y. group moves to develop massive new North Philly enclave
Quote:
Real estate magnate Ziel Feldman’s properties are in some of Manhattan’s poshest neighborhoods.
Now, he wants to build in one of Philadelphia’s most destitute.
Feldman’s HFZ Capital Group is part of a consortium of New York investors planning a complex of homes, offices, labs, and start-up work spaces in what is now an enclave of vacant warehouse properties and empty lots around Amtrak’s North Philadelphia station.
The $162 million first phase of North Philadelphia District LLC’s proposal calls for two new buildings on what is now the train station’s parking lot, and the renovation of a hulking dilapidated factory site nearby, said Michael Shenot, who is leading the project as a managing director with the real estate services firm JLL, in an interview Friday.
Work could begin before the end of the year if the investor group is granted its request for a $20 million state redevelopment grant to cover parts of the project, said Shenot, who previously participated in developing the World Trade Center Transportation Hub. He is now working on an expansion of New York’s Penn Station involving a historic postal building to its west.
Joining HFZ on the Philadelphia project are the Arete Group, a New York-based developer whose principals include attorney Michael Bailkin, previously a New York City government official, and former Trenton Mayor Douglas Palmer; and Amtrak, which holds a minority stake in the venture. The investment company Merchant Equity Group LLC of New York is a part owner of the development site.
The group envisions up to 1.7 million square feet of residential, office, and retail space at full build-out, bounded by Broad Street and 17th Streets, between Glenwood and Indiana Avenues, according to its application for a state Redevelopment Assistance Capital Program grant.
Planned for the site are a six-story, 105-unit apartment building and a 21-story tower with 128 apartments on nine floors above about 214,000 square feet of offices, Shenot said. Both buildings would feature ground-floor retail spaces that open onto a pedestrian plaza.
Also part of the initial phase is the transformation of the 180,000-square-foot decayed industrial building on an adjacent parcel to the west into work spaces for start-ups and light manufacturers. The developers have that parcel under agreement, Shenot said.
mprovements to the station itself include the restoration of an underground tunnel linking it to SEPTA’s Broad Street Line subway platforms just to the south, he said.
Completion of the apartment building and factory rehab are envisioned in September 2019, with the residential-and-office tower being finished in October 2021, according to the grant application.
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