MMPartners acquired the former St. Joseph’s Hospital in an off-market transaction, a vacant 125,500 SF building in the Francisville neighborhood, Philadelphia.
The Subject Property is a vacant 125,500 SF hospital built in 1981/82 that sits on a 74,655 SF, or 1.71-acre parcel of land, which equates to a 1.68 floor-area-ratio (“FAR”). The Subject Property is zoned RM4, which “by right” allows for a maximum (“FAR”) ratio of 3.50. As such, “by right” the site allows for a buildable square footage of 261,293 SF, of which 135,793 SF remains developable. The property is five (5) stories, with floor plates averaging approximately 25,100 SF. The first floor would be comprised of a lobby area for tenants, common area space and commercial/retail spaces (approximately 20,000 SF). Floors 2-5 would be rental units averaging approximately 654 SF. Lastly, the Subject Property has an existing 37-spot gated surface parking lot; the sponsors believe the lot can be reconfigured to allow for additional parking spaces.
Anticipated Completion: Winter 2019 RESIDENTIAL: 90 Units
Commercial: 20,000 SF
Amenities: Doorman, 24/7 Fitness Center, Club Room, Bike Storage, Basketball Court, On-Site Retail, Conference Rooms, Parking, Roofdeck, Storage Lockers