MMPartners acquired St. Joseph’s Hospital in an off-market transaction. This once vacant 125,500 SF building in the Francisville neighborhood, Philadelphia has now been transformed into The Civic, which has begun leasing as of December 2018.
At the time of the acquisition, St. Joseph’s Hospital was a vacant 125,500 SF hospital built in 1981/1982. It sat on a 74,655 SF, or 1.71-acre parcel of land, which equated to a 1.68 floor-area-ratio (“FAR”). It was 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 able to be developed. The property is five (5) stories, with floor plates averaging approximately 25,100 SF.
The first floor is now comprised of a lobby area for tenants, with common spaces and commercial and retail spaces (approximately 20,000 SF). Floors 2-5 are rental units averaging approximately 654 SF.
Learn more about The Civic and inquire about the current available units here.
Anticipated Completion: Winter 2019 RESIDENTIAL: 88 Units
Commercial: 20,000 SF
Amenities: Doorman, 24/7 Fitness Center, Club Room, Bike Storage, On-Site Retail, Conference Rooms, Parking, Roofdeck, Storage Lockers