In February 2020, HREV entered into a Joint Venture agreement with a local operating partner to purchase the development site located at 1650 West Girard Avenue (Phase II), an Opportunity Zone site located in Philadelphia, PA. In conjunction with acquiring the Phase II site, an affiliate of HREV made a convertible preferred equity investment in the adjacent site located at 1600 West Girard Avenue (Phase I) – which consists of the recently delivered apartment building with retail (“The Civic”) – to facilitate the purchase of the Phase II land.
1650 West Girard Avenue: The project will be a mixed-use development consisting of ground-floor retail with up to 200 multifamily apartments. The property is strategically located in the growing Francisville neighborhood of Philadelphia with strong public transit connectivity to City Center. The development represents the second phase in the conversion of the former St. Joe’s hospital.
1650 West Girard Avenue is currently in predevelopment planning, and construction is anticipated to commence in Q3 2021.
1600 West Girard Avenue: The Civic is a newly redeveloped mixed-use property, consisting of 88 multifamily units and 36,000+ SF of retail space in a five-story, 99,000+ RSF building. The Civic began leasing in the Summer of 2019 and upon completion of its conversion from the former St. Joe’s hospital.