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PHILADELPHIA-A 72-unit residential condominium, 1352 Lofts at South Street, will rise on the 27,000-sf site three blocks south of Kimmel Performing Arts Center at the intersection of South Street and the strip of Broad known as the Avenue of the Arts. The developer, locally based Rimas International Enterprises, estimates construction at the parcel, which is currently a surface parking lot, at $45 million.

Robert J. Krawiecki of the local office of CBRE Melody is arranging construction and permanent funding of approximately $33 million from correspondent capital market sources. According to Krawiecki, the six-story building will also include 10,780 sf of ground-floor retail and a 95-car underground garage. Calls to Rimas were not returned by deadline.

Residential units include studios of about 800 sf, one-bedroom flats of up to 1,452 sf, one- and two-bedroom bi-level lofts of between 1,546 sf and 2,224 sf, and two- and three-bedroom penthouse units of between 1,014 sf and 2,903 sf. According to a marketing website for the project, flats and lofts are priced at $365 per sf, and penthouse pricing is $400 per sf. Parking space is priced at $40,000 a space. The units qualify for the 10-year tax abatement offered by the city on all new construction and conversions.

Locally based Clemens Construction Co., which has worked on several other condo projects in the city, is general contractor. Prudential Realty is marketing 1352 Lofts. Construction is to take 16 months with the first units ready for delivery in early 2007, according to Krawiecki.

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