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 current development plan is for a 7-story building with 203 multifamily units, 43 parking spaces, and 13,000 SF of ground-level retail space. The property is in the emerging Francisville neighborhood of downtown Philadelphia and is centrally-located with strong public transit connectivity. The development represents the second phase in the conversion of the former St. Joe’s hospital.
HREV is preparing to launch its capital raise for direct, co-invest Limited Partner equity for 1650 West Girard Avenue and is on track to break ground Q4 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.