A new apartment building in Francisville combines density and historic preservation
The proposal for an art deco building on Fairmount Avenue comes from Odin Properties, which owns thousands of apartments across the city.
The shell of a historically protected art deco building on Fairmount Avenue will be preserved as part of a 32-unit apartment building, according to new plans submitted to the city’s Historical Commission.
The six-story proposal comes from Philadelphia-based Odin Properties, which owns 2,000 apartment units across the city. The project would include a commercial space of over 2,100 square feet, with a mix of one-bedroom and two-bedroom units.
The project has been proposed amid an apartment building boom in Philadelphia, heavily concentrated well to the east of Francisville along the Delaware River and Northern Liberties. With high interest rates and President Donald Trump’s tariff policies repressing new development, this kind of smaller project is likely to dominate the city’s residential building industry.
“This is not what we would consider to be an oversupplied submarket … the occupancy in the Fairmount area is very strong,” said Philip Balderston, president of Odin Properties. “The second thing is the scale: In a relatively healthy market, like Philadelphia, it’s always a good time to do a 32-unit infill project.”
The structure at 1501 Fairmount was built 95 years ago as a striking addition to the concentration of auto-oriented businesses around North Broad Street. It became historically protected in 2015, and a different developer was approved to demolish much of the interior for a four-story apartment building in 2016.
Everything but the exterior walls was removed during the initial renovation, but then the project was abandoned in 2023. Odin acquired 1501 Fairmount last year, and the building’s shell is currently supported only by wooden beams.
Odin’s project is two-stories taller with more units than the previous apartment proposal. It will need permission for the greater height, among other tweaks, from the city’s Zoning Board of Adjustment.
“Given the change in financial conditions over the last two years, the density here is important in order to make the project feasible,” said Balderston. “The economics have changed given the supply and the interest rate picture, so what’s the scale that will make it work? I think we found the sweet spot here.”
The Spring Garden Civic Association is the lead Registered Community Organization for the project and does not yet have an official stance on Odin’s plans.
The architect is Shawn McAnally of Designblendz.
Odin has rehabbed and repurposed historic structures before but never the shell of a building like this. The company has the support of the Preservation Alliance of Greater Philadelphia.
“[We are] pleased to see this historic property getting back on track for redevelopment after a long period of inactivity,” said Paul Steinke, executive director of the alliance.