An apartment building featuring suites of so-called co-living units with shared kitchens and bathrooms is moving forward in Fishtown, at least the second such project to be announced in Philadelphia in recent weeks.
Common Living, which manages similar properties in six U.S. markets including New York, Chicago, and the San Francisco Bay area, is working with locally based developer Elk Street Management on the development at 965 Frankford Ave. — facing the rear wall of the Fillmore Philadelphia concert venue. The building will have space for 72 residents.
The five-story Common Frankford, as the property is to be known, is scheduled to open in early 2020, New York-based Common said in a release Wednesday. The company has earmarked $100 million to invest in projects across Philadelphia, housing more than 1,000 “beds.”
“Philadelphia is one of America’s iconic cities, rich with history and culture, and since 2005 has experienced a major influx of young professionals who need access to high-quality housing options,” Common co-founder and chief executive Brad Hargreaves said in the release.
Coliving developments, in which residents live in near dorm-like conditions, with small bedrooms and shared bathrooms, cooking and dining spaces, and lounges, have so far been largely confined to cities such as New York and Los Angeles, where sky-high rents make it hard for some to afford more conventional apartments.
But companies that specialize in such projects may now be eyeing less notoriously expensive cities.
News of Common’s project follows an announcement last month by Berlin, Germany-based Medici Living Group that it planned a 186-bed project under its Quarters co-living brand at Germantown Avenue and North American Street in Northern Liberties.
And Common’s move into Philadelphia is part of a $300 million expansion campaign that also will support new projects in Pittsburgh and Atlanta, as well as San Diego, it said.
Common Frankford will house co-living suites, studios, and one-bedroom apartments, in addition to shared lounges and kitchens, bike storage, and an outdoor terrace.
Rents will start at $995 a month for a bedroom in a co-living suite, which the company calculated as being up to 35 percent less than a market-rate one-bedroom in the area.