Friday, March 15, 2019

Global Co-living Brand Selects Northern Liberties for First Philadelphia Location

Global co-living brand Quarters confirmed plans to open its first Philadelphia location in Northern Liberties. The former industrial area fronting the Delaware River between Girard Avenue and Callowhill Street has become a popular neighborhood known to locals as 'NoLibs.'

Plans for the six-story co-living apartment building at 1150 N. American St. call for 186 units across 74 shared two- and four-bedroom flats, and 60,000 square feet of retail space.

Quarters’ parent company, Medici Living Group, recently raised $300 million for its U.S. expansion and approximately $1.1 billion for its European expansion. According to the firm’s press release, the two raises are set to bring 1,800 new units to the U.S. market over the next three years, and 6,000 additional units to the European market by 2024.

Medici Living Group’s Founder and Chief Executive Gunther Schmidt said in a statement that Philadelphia was among the first cities the firm looked at when planning its U.S. expansion.

Spain Property Group and Vaughan Buckley Construction broke ground on the building in Dec. 2018, and the project is slated to deliver in the fourth quarter of 2019.

Quarters also confirmed plans to open a new location in Brooklyn, which is set to come online in 2020.

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