Tuesday, September 22, 2015

South Phila. hospital site to be converted to Townhomes

by Natalie Kostelni Staff Reporter Philadelphia Business Journal

Concordia Group of Bethesda, Md., has partnered with Greg Hill, a developer based in Huntington Valley, Pa., to buy a South Philadelphia property and turn the site into nearly 100 townhouses.
The former Mount Sinai Hospital site at 400 Reed St. in Philadelphia sold to Concordia and Hill for $6 million.

It was sold by Mount Sinai Partners, which involves William Isenberg of Chester Springs. Mount Sinai Partners has owned the property since 2002 when it bought it for $700,000, according to Philadelphia property records. The hospital closed in 1997.

The property has a complex of three buildings totaling 300,000 square feet that takes up a city block. Those structures will be razed to make way for 96 townhouses.
This wasn’t the easiest deal. “I had it under contract five times. Two took it fully through the zoning.”
He had the listing for more than 12 years.

There were plans in 2007 to convert it to condominiums, but the project was shelved when the market turned. Other plans involved turning it into apartments – which was also nixed. Neighborhood opposition thwarted progress and development for years. Finally, a transaction was completed.
“It worked out in the end."

Full story:  http://www.bizjournals.com/philadelphia/blog/real-estate/2015/09/south-philly-mount-sinai-hospital-concordia-sells.html?s=print

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