(To read more on the multifamily market, click here.)
PHILADELPHIA-A seven-story, 42-unit residential condo, named 22 Front, is under way at the former parking lot at 22 S. Front St. The developer is a joint venture between two locally based companies, Revolution Development Group and Allan Domb Real Estate.
The JV acquired the land, which encompasses approximately 15,000 sf, in 2003, Andy Kaplin, Revolution's director of development, tells GlobeSt.com. He declines to disclose the price of the land, but says the project's all-in development cost is $21 million.
The one-, two- and three-bedroom units range from 810 sf to 3,000 sf, and prices for a majority of the units, Kaplin says, "are between $400,000 and $800,000." Each unit includes underground garage space. Kaplin says the project is 40% pre-sold and the first move-ins are scheduled for summer 2007.
Kaplin previously worked in the investment advisory group of locally based Legg Mason Real Estate Services, which became Grosvenor Investment Management US this April when it was acquired by London-based Grosvenor. Revolution is a partnership of Andy and Marc Kaplin, Andy's father and a partner in the Blue Bell-based Kaplin Stewart Meloff Reiter & Stein law firm. Allan Domb's firm handles sales and leasing of a majority of Center City condo properties and Domb is also a development partner in several current residential projects, including Park Rittenhouse and the Warwick and Barclay condominiums.
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