This Week's Philadelphia Deal Sheet
Local minority-owned architecture firm DIGroup Architecture was named the architect of record for the city of Philadelphia's $13M renovation of Paschalville Library in Southwest Philadelphia.
The project broke ground in April as part of the city's Rebuild program for recreational centers. DIGroup had also been involved in the job of assessing which renovations were needed for the nearly 110-year-old building.
PARTNERSHIPS
Austin-based short-term rental operator Locale Hospitality signed a deal to manage its first Philadelphia property, an 81-unit building at 225-39 North 13th St., just west of Chinatown, CoStar reports. Commercial real estate newcomer Genesis Capital will develop and own the building, dubbed The Jaan at Center City.
Locale will operate the 81 furnished studio, one- and two-bedroom units for variable-length stays in a hotel-type model. Construction is expected to start next month.
CONSTRUCTION
Ambler in Montgomery County will welcome its first newly built apartment building in 50 years on Thursday.
Summit Realty Advisors developed The Crossings at Ambler Station, a 114-unit property holding its ribbon-cutting ceremony on June 1 after breaking ground in 2020. The building, which includes a mix of one- and two-bedroom units, is surrounded by 23K SF of landscaped outdoor space.
Named for its location adjacent to the Ambler stop of SEPTA's regional rail network, the Crossings at Ambler Station will be managed by Scully Co.
PROGRAM LAUNCHES
The Philadelphia Housing Development Corp. released a request for qualifications for the second iteration of its Minority Developer Program, an accelerator initiative to build capacity among developers from historically marginalized groups. Responses are due on June 23.
Participants who complete the program are given priority for purchasing certain city-owned parcels of vacant land on the condition that they build affordable housing on the land. The first round of MDP had 16 participants, four of whom have already received properties and begun development, PHDC Executive Director Angel Rodriguez said at a Philadelphia Land Bank board meeting on May 9.
