A big Philly apartment landlord is pursuing a new project despite coronavirus upheaval
PMC’s move to expand its holdings come despite economic headwinds from the coronavirus, which may already be depressing rents paid by apartment dwellers.
PMC Property Group is planning another apartment building beside its River Walk high-rise complex under construction along the Schuylkill waterfront, a sign that it is is shrugging off fears of a sustained impact from the coronavirus on Philadelphia’s rental market.
The developer, among the city’s biggest residential landlords, was granted a zoning permit last week for a 115-unit, 45-foot-high building on the northeast corner of 23rd and Cherry Streets, currently a public parking lot, according to records from the Department of Licenses and Inspections.
PMC is relying on zoning bonuses for including a “green” roof with plants, and for reserving some apartments for low-income renters, to reach its unit count and height at the 139 N. 23rd St. project, according to L&I. The plan also includes 46 parking spaces, most of them in an underground garage.
The project site is diagonally across the street from the River Walk complex, which is slated to have about 600 dwellings in two buildings when complete.
PMC’s move to expand its holdings come despite economic headwinds from the coronavirus, which may already be depressing rents paid by apartment dwellers.
Adriano Calvanese, a PMC vice president, declined to share additional details about the new project. He said the company remains “confident in the strength and resilience of the Philadelphia market.”