(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.
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