When it comes to chief amidst burghal and burghal life, homeowners and renters are confronted with abounding trade-offs. Among the largest: whether to canal the quintessential yard for a higher-density, added walkable lifestyle.
Occasionally, however, home shoppers can acquisition a mix: Burghal municipalities accept added adopted walkable boondocks centers, bringing bunched shopping, dining, and amusement districts to commonly sprawling spots. Burghal developers, meanwhile, accept approved to alter high-rise buildings, abacus blooming spaces, such as rooftop parks and breadth as accessible amenities.
Yet, sometimes, urban-home shoppers blunder aloft a attenuate candied spot: a Philadelphia home that borders a burghal park, accouterment a mix of burghal active and burghal amplitude all in one place.
The newest Centermost Burghal ultra-luxury accommodation architecture is business the aberrant advantage of not aloof one — but two — parks at its tenants’ doorstep.
The Lyndon at the Curtis, the accumulating of 63 apartments central the celebrated Curtis Center, is now leasing afterwards a bendable aperture aftermost summer. Situated amidst Washington Square and Independence Square, the apartments action angle of two of Philadelphia’s arch parks — article that wasn’t accessible to burghal association during the building’s continued bartering tenure.
DAVID MAIALETTI / Staff Photographer
Washington Square, which is beyond the artery from the Curtis Center.
“We abandoned capital to accept units adverse Independence Mall” and Washington Square, said Jennifer Rosenberg, development administrator for Keystone Acreage Group. “We’re about appropriate ourselves from the blow of the market, so accepting esplanade views” helps.
A aperture central the aboriginal appointment of Cyrus Curtis, architect of Curtis Publishing Co. This room, featuring the copse bank and intricate moulding, will be accessible as an apartment.
The about-face to apartments is aloof a baby allotment of a beyond plan to redevelop the Curtis Center, which, alpha in the aboriginal 1900s, was address for the Curtis Publishing Co., amenable for periodicals and magazines including the Saturday Evening Post. In 2014, the 885,000-square-foot architecture was purchased by Keystone Acreage Group, of Conshohocken, and Mack-Cali Realty, of Edison, N.J., for $125 actor in cash, with a plan to “reposition the acreage into a dynamic, mixed-use environment,” the parties said at the time. Since the transaction, Keystone Acreage Group has acquired Mack-Cali Realty’s affiliation interest.
For the storied, block-long architecture — addition from Sixth to Seventh Streets and from Walnut to Sansom Streets — the redevelopment plan meant auctioning its abandoned bartering use to actualize affluence apartments, which today booty up 10 percent of the building’s space. The blow of the architecture will be active by ground-floor retail and offices.
But to auspiciously bazaar affluence rental units amidst the city’s accepted apartment-building boom, the Lyndon at the Curtis would charge to angle out.
Its amount tag abandoned is a acceptable start.
With rent alignment from $2,145 a ages for a one-bedroom to $9,345 a ages for the best big-ticket penthouse, the units central the 12-story Curtis Centermost are among the priciest accumulating of rentals to hit the Philadelphia bazaar recently. The admeasurement of the units ranges from 597 to 2,014 aboveboard feet, with an boilerplate of 1,173. Some accept two stories.
JESSICA GRIFFIN / Staff Photographer
The active allowance in a one-bedroom accommodation at the Lyndon at the Curtis.
Certainly, the apartments are not the best big-ticket added to the Philadelphia bazaar in contempo history. Beforehand this year, a three-bedroom, 4.5-bathroom accommodation assemblage at the Alison architecture on Rittenhouse Aboveboard was listed for $19,500 a month. Other apartments priced at added than $10,000 a ages accept been broadcast beyond Society Hill and Centermost Burghal in the past.
Still, the prices for units at the Lyndon at the Curtis — and the affluence of them — are the latest indicator of aloof how affluent Philadelphia has become. According to the U.S. Census Bureau, the allotment of Philadelphia households authoritative $100,000 or added a year has surged 130 percent, from about 37,000 households in 2000 to 85,500 in 2015.
The architecture has been bushing bound back it began leasing in August. Abandoned 18 apartments accept completed construction, yet 21 of the 63 units — 33 percent — accept been rented. That includes the best big-ticket unit, at $9,345 a month.
“No one in the burghal is architecture annihilation this big or this grand,” said Andrew Phillips, bounded acreage administrator at the Scully Co., which is administration leasing and acreage administration for the building. “They absolutely are not architecture annihilation with this affectionate of parking, centralized storage, or the appearance that you see in the amenities.”
The antechamber at the Curtis Center. Once in the lobby, association will accept a abstracted access to the residential allocation of the building, amid them from bartering spaces.
Plus, Phillips added, the Lyndon at the Curtis does not feel the charge to offer concessions to allure tenants.
As added apartments are delivered to the Philadelphia market, barrio accept in contempo months been ramping up concessions — such as months of chargeless hire or waived advantage fees. For example, the afresh adapted Sterling Accommodation Homes at 1815 John F. Kennedy Blvd. has been alms six weeks of chargeless hire on baddest apartments, according to the building’s website. And Hanover North Broad is alms chargeless hire until Jan. 1 on 13-month leases, the architecture appear on its website.
The concessions accept arisen out of added antagonism to allure or absorb renters in the bosom of Philadelphia’s abounding accommodation supply. Amidst 2013 and 2016, a absolute of 6,000 new rental units were delivered to aloof Greater Centermost City, defined as the swath amidst both rivers and Girard Avenue and Tasker Street. In 2017 and 2018, addition 4,100 units are expected.
The kitchen in a one bedchamber accommodation at the Curtis Center. All units affection white cabinets.
The arrival of units has sparked affair that Philadelphia could be abutting an accommodation glut. In the additional division of 2017, the accommodation abstraction amount for Greater Centermost Burghal was 9.4 percent, according to absolute acreage abutting REIS Inc., compared with 4.9 percent from two years ago. (REIS defines Greater Centermost Burghal from river to river, and from Girard to Washington.)
In an account beforehand this fall, Barbara Byrne Denham, a chief economist at REIS, said a 9.4 percent abstraction amount was not “dangerously high.”
“I would say in an burghal breadth like Philadelphia, it’s accomplished in the 7 to beneath 10 percent range,” Denham said. Even so, she added, the accepted abstraction amount will “keep the lid on hire growth, for sure.”
Representatives for the Lyndon at the Curtis said they are not worried.
“Our better adversary [is] condos,” said Renee McIntyre, administrator of sales and business for Scully. “People who are renting this architecture are renting by choice.”
CAITLIN MCCABE / Staff
With the bluff of the architecture preserved, architectural details, such as this window, were congenital into the apartments.
Beyond its about 12-foot ceilings in anniversary allowance and celebrated architectural features, the architecture is alms a card of amenities. It has 24-hour babysitter account and an absolute advantage addition on the 11th attic — featuring a dog spa, a yoga studio, a gym, a library and a conference room, as able-bodied as a golf simulator. The century-old “Dream Garden” mural, endemic by the Pennsylvania Academy of the Accomplished Arts, is apparent in the building’s lobby. Parking is accessible to association for $295 a month.
“That’s the one affair about this trend of affairs a home out in the suburbs and affective into the burghal — [residents] appetite the accessibility of active in the burghal but that does not beggarly that they necessarily appetite to accord annihilation up,” McIntyre said. “Here, they accept the size, the parking, the accumulator that they need, and the co-working space. They don’t accept to accord up anything.”
McIntyre said the architecture is targeted across demographics.
The Lyndon at The Curtis
A apprehension of allotment of the advantage amplitude on the 11th attic of the Lyndon at the Curtis.
The actual 45 units still beneath architecture are accepted to be completed by March, with the majority finishing by the end of this year. In the meantime, Keystone Acreage Group is focused on leasing the blow of the architecture to bartering tenants.
So far, Keystone has anchored leases for Philadelphia Magazine, Germantown Friends School, and Busy Bee Learning Centermost (a child-care center), as able-bodied as marketing firms and government agencies. P.J. Clarke’s, the New York Burghal saloon, will accessible a area on the arena attic at Sixth and Walnut. And Keystone is abutting to accepting a charter for the bend at Sixth and Sansom, Rosenberg said.
As for the Lyndon at the Curtis, Rosenberg said, there is allowance to aggrandize and add added units — if eventually needed.
JESSICA GRIFFIN / Staff Photographer
The century-old “Dream Garden” mural, a 15-foot by 49-foot circuitous by Maxfield Parrish, sits in the antechamber of the Curtis Center. The assignment was commissioned by Cyrus Curtis, of the Curtis Publishing Co., and is now endemic by the Pennsylvania Academy of the Accomplished Arts.
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Published: November 9, 2017 — 3:01 AM EST | Updated: November 10, 2017 — 10:23 AM EST
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