X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

PHILADELPHIA-Locally based Rimas Properties’ plan for a mixed-use development on a 5.4-acre site at the intersection of S. Broad Street and Washington Avenue has passed its first hurdle. In a 16-to-1 vote, the city council has approved a zoning change that would allow for two 31-story residential towers and retail on the land.

The bill, 070371, “now goes to the mayor’s office,” a council spokeswoman tells GlobeSt.com. She says Mayor John Street could rule on the change by as early as Thursday, Oct. 4.

Acquisition of the land for the project was among three Rimas’ developments for which the company obtained an aggregate of $32.2 million in funding earlier this month, as GlobeSt.com previously reported. The others are the nearly completed 1352 Lofts at South St. and acquisition of a 290,000-sf industrial building at 2400 S. Weccacoe Ave.

The Washington and Broad development is the most ambitious of the three. According to published reports, the estimated cost is $500 million, and it would include a mix of 860 for-sale condo and residential rental units along with retail, parking and open park space. Calls to principals affiliated with Rimas were not returned by deadline.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.