Friday, February 26, 2016

Hanover North Broad Mega-Development Breaks Ground

Nearly four years in the making, a major development that aims to serve as a catalyst for North Broad Street's growth has finally broken ground. 

Hanover North Broad is a multi-use development located on two gigantic lots on the southeast and southwest corners of North Broad at Callowhill Street, next door to the old Inquirer building.

The project, being developed by Philadelphia's Parkway Corp. and Houston-based Hanover Co., will include two six-story apartment buildings across the street from one another on either side of Broad Street.

The project will create a total of 339 apartments, and has the potential to create a new gateway to North Broad Street in Philadelphia.

The larger building on the southwest corner, at 322 North Broad Street, will house 229 studio, one-, and two-bedroom apartments, as well as 11,000-square-feet of retail space.

The other building, located at 339 North Broad Street, will include 110 units and 6,000-square-feet of retail.

The project will include a small garage with 330 parking spots and 38 bike parking spots, to be shielded from view by a perforated metal screen.

Both buildings will have interior courtyards, and offer resort-caliber amenities such as a private residence clubhouse with fitness center, screening room and business center.

The individual units will have stainless steel appliances, stone countertops, wood-style flooring and expansive windows.
Construction is expected be complete in 18 months.

"This is going to be a first-class project," said Mayor Jim Kenney at the groundbreaking—his first since taking office in January.

The project is among a wave of residential development that will bring 5,833 new housing units to central Philadelphia over the next three years, according to the Center City District business group.

It joins other projects revitalizing Broad Street just north of City Hall, including developer Eric Blumenfeld's redevelopment of the Divine Lorraine Hotel into apartments and a retail and residential complex proposed nearby by New York-based RAL Cos.

Hanover’s Greater Philadelphia experience includes Domus, a 290-unit, mixed-use project in partnership with the University of Pennsylvania at 34th and Chestnut Streets in University City; Hanover Valley Forge, a 338-unit residential project under construction at the Village at Valley Forge, and a mixed-use community in Upper Merion Township adjacent to the Mall at King of Prussia.