Monday, April 8, 2019

Apartment complex at former Destination Maternity site to break ground

By Natalie Kostelni  – Reporter, Philadelphia Business Journal
When Alliance HSP breaks ground at the end of this month on an apartment building at Sono, it will be the culmination of a five-year effort to redevelop the Northern Liberties property.

It will also highlight how much has changed at that corner of the city over that time and the property’s redevelopment is both a reflection and cause of that. The development, called Sono, also evolved, underscoring how initial ideas sometimes don't pan out.

When the Bryn Mawr real estate firm bought the 220,000-square-foot building at 5th and Spring Garden streets for $14 million in the fall of 2014, the company had plans to turn it into creative office space. That idea wasn't embraced by the market but may have been ahead of its time. During that same period, Arts and Crafts Holdings, a Philadelphia real estate company, has been gobbling up properties in and around Sono and a few blocks away, creating an emerging office submarket. Nonetheless, the lack of office activity at the property prompted Alliance HSP to shift gears.
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