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PHILADELPHIA-Northern Star Development, a partnership formed by three individual developers of separate properties, has acquired the former Mrs. Ressler’s Food Products Co. site at 1617 N. Second St. The property contains a 24,000-sf building and two attached shells along with another structure that was destroyed by fire in 2002. The property has been vacant since the fire.

Chris Pennington, an associate in the local office of Binswanger, negotiated the sale and tells GlobeSt.com the price was $700,000. Mrs. Ressler’s, a supplier of deli meats, is consolidating its real estate, he says. The company recently acquired an industrial facility in East Greenville.

Northern Star’s partners, Giora Griffel, Charles Moche and Michael Gorenstein, plan a primarily residential project on the 1.3-acre parcel, which is located above the redeveloping Northern Liberties neighborhood. Griffel tells GlobeSt.com, “we’re just in the planning stage, and obtaining zoning and other approvals is a lengthy process.”

Griffel says preliminary plans call for a combination of townhouses and apartments along with retail to serve the community, “not a shopping center.” The number of units “will be determined in negotiations with existing community groups and the city,” he adds. He expects it to be completed in 2007.

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