Another apartment building, this one with 108 units, is slated for construction on a strip of North Broad Street where thousands of new rental dwellings are already planned or under development.
The nine-story structure would rise at the current site of a shuttered Goodyear auto-repair shop on the east side of Broad Street between Brandywine and Green Streets, just south of the historic Rodeph Shalom synagogue building, according to a zoning permit issued last week for the project.
The building, planned by an affiliate of Philadelphia-based development firm Elk Street Management LLC, would include ground-floor commercial space and an underground garage with 31 parking spots, according to the permit.
The development adds to a list of projects planned or underway along North Broad Street between Callowhill Street and Fairmount Avenue involving nearly 1,800 new rental units.
They include Toll Bros.'s plan for a 368-unit tower near the entrance to the landscaped Rail Park on Noble Street and Alterra Property Group’s proposal for a mid-rise with as many as 500 units at the northwest corner of Broad and Spring Garden Street.
Much of the activity is being driven by the area’s designation as a “qualified opportunity zone” under a provision of the 2017 tax cut bill, offering investors in projects there potential big savings on what they owe the IRS.