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  1. #1
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    Default 600 N Broad a go

    though I'm no fan of lofts, this is generally good news. there's lots of work going on in the blocks just west of here.
    Developer Eric Blumenfeld says he's "60 days" from starting demolition at 600 North Broad Street, the former Wilkie Buick service center, to build Lofts 600, his planned 85-unit apartment building. He says it'll have first-floor retail, and a "spiritual connection" to his 265-unit Lofts 640 up the block, where he also wants to add a couple more fancy restaurants, besides Marc Vetri's La Osteria.

    Blumenfeld says he's supplying the equity portion of the $40 million needed to pay for Loft 600. He bought the site from Wilkie President Don Pollett for $9 million three years ago. Blumenfeld won't name the bankers lending the rest of what he needs, yet. But he says he's not scared to start work amid the slowdown: "As they tell you in racecar driving school, when you see a crash in front of you, aim for it, cause by the time you reach it, it'll be somewhere else." He says the job will take 14 months.

    Blumenfeld just refinanced Lofts 640, a converted factory. "Even with the world upside down, you can get good projects financed," he said. Especially apartments, still in demand as condo and home sales sag.

    Capmark Finance Inc. has lent $33 million in permanent financing for 640, with backing from Freddie Mac, to BR Penn Realty Owner LP, an affiliate of Blumenfeld's EB Realty Management, replacing construction financing by Wachovia Bank. Loft 640 is "94% occupied," Capmark's Jeff Heath said in a statement.
    '60 days' to demolition at 600 N. Broad apartment site | Philly | 03/18/2009

  2. #2
    A Fortnight Dead hammersklavier's Avatar
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    Nice. Good to see that there's more new stuff going up on North Broad. I see this area--lots of green (lots, that is), proximity to both Fairmount and Northern Liberties--becoming a hot neighborhood in the next economic uptick, and it looks like Blumenfeld's determined to make it so.
    "It was one of those moments that would have had dramatic music if my life were a movie, but instead I got a radio jingle for some kind of submarine sandwich blaring over the store's ambient stereo. Man, the movie of my life must be really low-budget." Dead Beat

  3. #3
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    Posted by Earl J 05:14 PM, 03/18/2009
    Trader Joe's & Capagiro are two of the planned retail. Good job Eric! Now if only the folks would get off the dime at the Devine Lorraine. On another note, If Fumo was not such an a** about letting the Phils build at Broad and Spring Garden, the Inky would have been happy and the domimoes Fumo set up may not have fell so quickly. Or maybe Vince just thought he was invincible and he still would of ended up never satisfied and in a cell with someone twice as strong. No matter what he will have a lot of time on his hands to second guess himself the rest of his life.
    '60 days' to demolition at 600 N. Broad apartment site | Philly | 03/18/2009
    juicy rumor

  4. #4
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    60 days huh?

  5. #5
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    They really seem to be trying to jazz up North Philly slowly but surely. It was a longtime coming and I would def. welcome the Trader Joe's.

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    How long before they build a Best Buy on North broad is the next question.

  7. #7
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    A nice new grocery store is opening up tomorrow a few blocks north of here on Broad Street, so at least something's happening. It's too bad this project hasn't gotten off the ground.

  8. #8
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    Quote Originally Posted by cwd22 View Post
    A nice new grocery store is opening up tomorrow a few blocks north of here on Broad Street,
    Where, and what grocery store?

  9. #9
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    Quote Originally Posted by PhillyKev View Post
    Where, and what grocery store?
    http://www.philadelphiaspeaks.com/fo...sh-grocer.html
    "It has shown me that everything is illuminated in the light of the past"
    Jonathan Safran Foer

  10. #10
    Super Troll PhillyKev's Avatar
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    Ok, I read that entire link, plus the link you linked there to the article, and see that it's a Fresh Grocer at "Progress Plaza", but no idea where Progress Plaza is. And tried the store locator on Fresh Grocer's site, but the java failed.

    So, where is this? Intersection?

  11. #11
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    Quote Originally Posted by PhillyKev View Post
    Ok, I read that entire link, plus the link you linked there to the article, and see that it's a Fresh Grocer at "Progress Plaza", but no idea where Progress Plaza is. And tried the store locator on Fresh Grocer's site, but the java failed.

    So, where is this? Intersection?
    http://www.philadelphiaspeaks.com/fo...43-post26.html
    "It has shown me that everything is illuminated in the light of the past"
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  12. #12
    Super Troll PhillyKev's Avatar
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    Thanks.

    Broad between Oxford and Jefferson streets

  13. #13
    A Fortnight Dead hammersklavier's Avatar
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    Only a block south of Temple!
    "It was one of those moments that would have had dramatic music if my life were a movie, but instead I got a radio jingle for some kind of submarine sandwich blaring over the store's ambient stereo. Man, the movie of my life must be really low-budget." Dead Beat

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  15. #15
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    good for that tipster ; )
    there were guys in "casual business" with what looked to be measuring implements so I'd guess engineers, mgmt, etc there last week, and a hauling service truck.
    "It has shown me that everything is illuminated in the light of the past"
    Jonathan Safran Foer

  16. #16
    A Fortnight Dead hammersklavier's Avatar
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    Beginning site prep?
    "It was one of those moments that would have had dramatic music if my life were a movie, but instead I got a radio jingle for some kind of submarine sandwich blaring over the store's ambient stereo. Man, the movie of my life must be really low-budget." Dead Beat

  17. #17
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    windows have started to go in
    "It has shown me that everything is illuminated in the light of the past"
    Jonathan Safran Foer

  18. #18
    A Fortnight Dead hammersklavier's Avatar
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    Strange nothing has been done with the Broad St. fašade--the one that has the big "Wilkie" on it.
    "It was one of those moments that would have had dramatic music if my life were a movie, but instead I got a radio jingle for some kind of submarine sandwich blaring over the store's ambient stereo. Man, the movie of my life must be really low-budget." Dead Beat

  19. #19
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    Quote Originally Posted by hammersklavier View Post
    Strange nothing has been done with the Broad St. fašade--the one that has the big "Wilkie" on it.
    restaurants arent due until the fall
    http://www.philadelphiaspeaks.com/fo...food-mall.html
    "It has shown me that everything is illuminated in the light of the past"
    Jonathan Safran Foer

  20. #20
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    I've been hearing a lot about the restaurants/catering hall at this site:
    Vie - Joe Volpe catering hall already opened
    Route 6 - Stephen Starr restaurant opening this week
    Alla Spina - Marc Vetri restaurant opening soon

    But what's going on with the residential portion? I haven't heard much and don't get up that way often. I'm assuming this townhouse community in the sky is not going to happen? They would need to build over the restaurants right? Is the taller factory style building back away from broad part of this project?
    Philly Shark: 600 N. Broad gets a Facelift

 

 

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