PROJECT 4: 17th Street

DESCRIPTION:

We had been working to acquire this property for over 3 years and finally acquired and converted this 5,000 sqft mixed use commercial building to 3 large apartments specifically built for student housing.

CHALLENGE:

We had looked at this building 3 years before we purchased it.  At the time, the property was caught up with title concerns due to estate issues.  It took years to work out the title issues but once resolved, we put a new offer in and were able to acquire this vacant, dilapidated, corner property.

SOLUTION:

Based on existing zoning laws we were able to convert the mixed use building into 3 residential apartments.  Due to the size of the building, it allowed us to cater to the student housing market near Temple University and we were able to provide one bathroom for every bedroom.

To maximize living space we excavated the basement and added means of egress so that we could have bedrooms in the basement.  We were able to receive a 10 year tax abatement on this property due to the extent of renovations done.