South Philly Developer Leading $100M Multifamily Project

A South Philadelphia developer is leading the charge on a site that’s proven stubborn to previous efforts.

Ori Feibush’s OCF Realty is planning to build up to 400 apartments at 1601 Washington Avenue and 1600 Carpenter Street in the Philadelphia neighborhood, the Philadelphia Business Journal reported. Feibush is teaming up with Howard Silverman, as well as West Virginia-based Mountain Shore Properties.

There will be anywhere from 350 to 400 apartments in one building, while a second building will include an undisclosed number of condos. Other aspects of the development would include an underground parking garage, a 30,000-square-foot anchor retail space — likely for a grocery store — and a few 2,000-square-foot smaller retail spaces.

The joint venture doesn’t yet own the site. But they are in agreement to purchase the two properties from Streamline, which previously tried to develop a project there; terms of the agreement were not disclosed, but the sale is expected to close in the first quarter of 2025. The joint venture has already assumed the property’s debt.

The project is expected to cost more than $100 million when considering acquisition costs as well, Feibush told the outlet. The plans are preliminary and subject to change based on community feedback.

One challenge facing the developers is the property’s zoning for medium industrial use, which will require a change. Feibush is already pushing against the existing zoning by saying it’s not aligned with Philadelphia 2035, a zoning and development initiative slated for the corridor in the next decade.

Feibush is hoping to receive approval for the site’s proposal in the first half of next year, which would allow for construction to begin in the final quarter of 2025. The developer predicted construction would take up to two years.

The three entities behind the project are familiar with one another, developing a six-story, 247-unit property less than a mile down the same street. OCF Realty is also based on Washington Avenue.

Streamline’s attempt to develop townhomes and multifamily properties on the 2101 Washington Avenue site was foiled by opposition to tearing down the single-story Hoa Binh shopping plaza, which has since closed.

— Holden Walter-Warner