Apartments heating up

by Natalie Kostelni

A developer is proposing another apartment complex along the Delaware River, adding to a bevy of multifamily projects that are either under way or in the pipeline in Center City.
Lou Cicalese’s Ensemble Investments is proposing a $60 million development that would have between 180 and 200 apartment units on Piers 34/35.
Cicalese is also considering constructing another apartment project on Pier 40 that would also have an additional 200 apartments but that proposal has been met with controversy. He wants to build a structure that is 185 feet high but a 100-foot height limit is in place along that part of the river.
Cicalese also recently revived his Marina View project along the Delaware River. The revised project would entail a single, $60 million, 14-story apartment building at 230 N. Christopher Columbus Blvd. The structure would sit atop a garage and have 180 rental units as well as some retail space.
Ensemble’s proposals add to an already bustling multifamily market. In Center City, a dozen projects totaling a tad more than 2,500 units are under way or in the pipeline, causing some observers to wonder if Philadelphia can absorb this many apartments and if a bubble is in the works.

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