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.
Paul Horos, the Elk Street principal overseeing the project, did not immediately respond to a message requesting additional details.