Monday, February 3, 2020

Co-Living Brand Quarters to Open Second Location in Philly

by John Jordan
New York City-based co-living provider reports it will build a new 113,000-square-foot ground-up development at 1201 Callowhill St. that will feature 239 bedrooms across shared apartments.

The six-story,113,700-square-foot development will include 4,000 square feet of retail, a 42-space parking garage, a 5,000-square-foot outdoor roof deck and a 2,900-square foot ground-floor lobby, which will offer co-working and lounge areas.
The owner and developer of the Philadelphia site, Richard Zeghibe—founder of Patriot Parking—is expecting to break ground on the building in the second quarter of 2020 and plans to complete construction in the fourth quarter of 2021.

“We made our foray into Philadelphia in May 2019 at 1150 North American St., which will open in the second quarter of 2020” says Gunther Schmidt, founder and CEO of Quarters. “We’re thrilled to bring an additional 239 bedrooms to the market, to meet the growing demand for flexibility.”

The announcement of the second location in Philadelphia follows the company’s $300-million raise for its U.S. expansion in January 2019 and its $1.1-billion raise for its European expansion in December 2018.

In addition to planned expansion in New York City, Philadelphia, Chicago, Austin and Washington, DC, the $300-million investment program includes target cities such as San Francisco, Boston, Denver, Seattle and Miami, with several sites due to be announced throughout 2020.

Last week, Quarters announced plans for two new locations in Brooklyn, NY. The new properties will add more than 200 beds to the Quarters’ Brooklyn portfolio and boosts its presence in New York City to five locations, according to multiple press reports.

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