Monday, June 25, 2012
Will 722 rental units be built next to PHL?
I guess we'll have to wait and see.
Korman Residential has had the option in place to develop this tract of land for a while now, but their original plans called for single family housing. I'm not quite sure why, but it did.
Now that the market has changed, along with the size of housing, KR is looking to build multifamily units on this 35 acre parcel. The best news is that these will not be available for purchase; they are rental units, and they shouldn't be too expensive based on their convenient location.
Why do I feel that this is good news? Because rentals are hot right now, they probably will be for the next few years, and they will get built right away. No need to find buyers, get financing, schedule walk-throughs, etc. If the plan gets approved, KR will get started and create jobs, increase city residents, and improve lives.
Although, the latest happenings are revealing argumentative details about potential issues between KR and the City of Philadelphia regarding land rights.
Let's go, Philadelphia! Approve this one, work out the kinks, and get these homes built.