Philadelphia has an apartment shortage—and big developers are starting to fill the void.Houston-based property giant Hines is teaming up with the Goldenberg Group, a Philadelphia developer, on a 322-apartment tower planned at 1213 Walnut St. in the hip Midtown Village section of Philadelphia’s Center City neighborhood. Slated for completion in 2017, the $125 million project, which broke ground Dec. 8, is set to rise 26 stories above a bustling streetscape of restaurants, pubs and other businesses.
The project marks Hines’s first foray into Philadelphia and the first venture between the developers and ASB Real Estate Investments, an investment manager in Washington, D.C. The partners say they are pursuing a rare opportunity to build modern multifamily housing in a market where apartment construction still lags behind rapidly growning demand.
The Walnut Street project show how the urbanism trend can create opportunities in cities that lack a big apartment supply.