X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

PHILADELPHIA-EB Realty Management plans a total renovation of its 300-unit residential rental complex at the intersection of S. Broad Street and Washington Avenue and conversion of it to for-sale condominiums. The four-building complex dates back more than a century and is a former Marine Corp. quartermaster’s supply depot.

The complex currently consists of four buildings. One six-story and two seven-story buildings contain the 300 residential units, and the fourth structure is a four-story parking garage for 189 vehicles. Eric Blumenfeld, president of locally based EBRM, tells GlobeSt.com the first-phase renovation of Marine Club will cost approximately $20 million. It will include new roofs on all the structures, new windows throughout, including in the garage, which is currently open, extension of the courtyard to between 8,000 sf and 10,000 sf, and elevator renovations.

The complex is currently 100% leased, Blumenfeld says, at an average rental rate of $1,000 a month. Existing tenants will be able to buy units “as is” at affordable rates. Units not sold to existing tenants will receive total renovations, including significant upgrades to fittings, finishes and fixtures. Condo sales will begin in the high $100,000s and reach to about $400,000. There are 144 different floor plans, and units average 670 sf. The complex includes 98 studio layouts, 190 one-bedroom and a dozen two-bedroom units.

The complex “needed an upgrade,” Blumenfeld says, “and this a complete repositioning of the facility. It represents a great opportunity for us, and it also offers a great opportunity for the people who live there to begin building equity in an exciting downtown community at an affordable rate.” Significant redevelopment is under way or planned on S. Broad.

EBRM is also moving forward on zoning for a second phase for Marine Club, Blumenfeld says. It calls for added parking levels on the garage building, plus four additional levels of condo units on that structure. He says current plans will add 56 additional residential units to that building. Among other EBRM redevelopments here are the mixed-use Abbotts Square project, the Cigar Factory condominiums, the Executive House apartments and Lofts 640, which is an industrial conversion to residential rental units that is currently under way.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.