Jersey City, New Jersey-based U.S. Development has transformed two vacant city blocks in Philadelphia’s Fishtown neighborhood into Frankford Grand, a new 107-unit luxury multifamily and retail property, according to a news release shared with Multifamily Dive. Leasing began on Sept. 18.
The five-story property, designed by New York City-based architect Perkins Eastman, was built to evoke the working-class character and history of Fishtown with a brick facade and black-trimmed loft-style windows. Two retail spaces extend across two stories and 15,000 square feet, built to accommodate a variety of uses, including a restaurant, bar or entertainment space. Both spaces have large outdoor patio areas for customer seating.
“Our vision was to take one of the last undeveloped parcels remaining between Fishtown and Northern Liberties and deliver a dynamic building bridging the two neighborhoods,” said John Farina, CEO of U.S. Development, in the news release.
The building’s 107 units are a mix of 50 studios, 32 one-bedrooms and 25 two-bedrooms, according to the release. Amenities will include a roof deck with views of the Center City skyline, an outdoor kitchen with dual grilling areas and shaded dining terraces, a south-facing sun deck, a sky garden with crepe myrtle trees and a fire pit area. The ground floor will offer a full-size gym and a private courtyard garden with bocce courts, which will host many of the property’s social events.
With a first-month-free incentive offered for new renters, net effective rents at the property are set to start at $1,100, according to its website, with gross rents starting at an estimated $1,191 — well below the $1,403 average rent for a studio apartment in the city, according to Apartments.com. Fishtown, located in central Philadelphia, has an average rent of $1,941 per month, above the city’s average at $1,715.
Construction is nearly complete on another U.S. Development property in the Philadelphia market — Elevated at 1108 Front, a 49-unit building in the Center City neighborhood. In total, U.S. Development has a development pipeline of over $370 million across the country, with a focus on waterfront and urban projects.
