A newly formed company called Eclipse Development made a big splash in Center City with its acquisition of two high-profile properties.
A new company called Eclipse Development purchased the American Red Cross building at 2221 Chestnut St. for $7.2M.
The firm bought the surface parking lot at 26 S. 21st St. from Parkway Corp. and plans to build a 12-story, 190-unit apartment tower on the site, The Philadelphia Inquirer reported.
The luxury project is slated to include 16K SF of ground-floor retail, a restaurant on the second floor and ample parking.
An entity associated with Eclipse also purchased the nearly 53K SF American Red Cross building at 2221 Chestnut St. for $7.2M, according to property records obtained by the Philadelphia Business Journal.
While plans for that property aren’t finalized, Eclipse could turn it into a multifamily project at some point, co-partner Ryan Kalili told the outlet.
Kalili started the firm with co-partner Michael Dinan, who is also just 26. The team also includes 27-year-old development associate Eric Haab.
All three previously worked with Archive Development, a company known for building studio apartments in Fishtown.
PEOPLE
Gov. Matt Meyer appointed Transwestern Managing Director of Healthcare Advisory Services Cheri Doyle to the Delaware Health Care Commission. She will serve a four-year term with the body, which is focused on improving access to affordable healthcare statewide.
SALES
UMH Properties Inc. completed its purchase of two age-restricted manufactured home communities in Mantua for $24.6M. Cedar Grove Park and Maplewood Village, which contain 266 homesites across a joint 38 acres, are 100% occupied.
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Velocity Venture Partners is extending its reach into Delaware. The industrial landlord bought a property at 31-47 Reads Way in New Castle, according to a social media post.
CONSTRUCTION AND DEVELOPMENT
Courtesy of Riverwards Group
The interior of a new townhome Riverwards Group built on Martha Street in Kensington
Riverwards Group teamed up with the Philadelphia Housing Development Corp. and the Philadelphia Land Bank to build 63 new affordable townhomes. The residences, some of which are along Martha Street in Kensington, are going for between $265K and $280K.
The project came about through PHDC’s Turn the Key initiative, which aims to build affordable housing on publicly owned land across the city. Stakeholders will celebrate the project with a ribbon-cutting ceremony on Friday.
THIS AND THAT
The newest Dave’s Hot Chicken location in Philadelphia is coming to 1731 Chestnut St. in Rittenhouse. The store will be open for business starting at 10:30 a.m. Friday.
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West Philadelphia’s Madis Coffee Roasters last week opened a second location in the Curtis, a building across from the Independence Mall owned by Keystone Development + Investment.
