Two West Philadelphia properties owned by developer Kfir Binnfeld are on the market.
The first property, named the Olympic Tower Apartments and located at 4900 Spruce Street, is an eight-story, 150-unit apartment building listed for $49 million, the Philadelphia Business Journal reported.
About 45 percent of its units have been leased, boasting amenities such as ground-floor parking, 18,000 square feet of top-floor amenity space, a fitness center, and a rooftop deck with two hot tubs. Additionally, 1,500 square feet of commercial space is available.
The second property, about two blocks away at 4726-4748 Spruce St., is a development site listed for $10 million. The CMX-3 zoned site In the Walnut Hill neighborhood has the potential for a 12-story, 170-unit project with nearly 23,000 square feet of commercial space and 39 on-site parking spaces, the outlet said.
While not mandatory, the inclusion of affordable units could allow for increased floor area, height, and unit count.
The offerings reflect the westward expansion of development from University City, marked by a multibillion-dollar wave of development. The University City area has seen recent projects such as EQT Exeter’s The Clark, a six-story, 327-apartment building, and Iron Stone Real Estate Partners’ plans for a 1,240-apartment development on Market Street between 46th and 48th streets.
Elsewhere in Philadelphia, A national student housing developer is planning to construct a 28-story apartment building for Temple University in Philadelphia.
Landmark Properties’ project at 1518-28 North Broad Street, opposite the Sullivan Progress Plaza Shopping Center, is expected to feature 142 multifamily units and 147 group-living units, totaling 868 beds, the Philadelphia Inquirer reported. Additionally, the development will provide 78 underground parking spaces, 21,000 square feet of retail space, and a public plaza around the entrance.
It will offer amenities such as a dog-washing station, a gym, study rooms, and a roof deck with a pool. The development will also include 100 spaces for bike parking.
— Ted Glanzer