Derelict building to become snazzy modern apartment building

Many people have seen the large factory building, that used to be used by Goldtex Textiles, at 12th & Vine Streets. It sits just north of the Vine Street Expressway and has been vacant for many years. Over the years, vandals have damaged it, adding huge amounts of graffiti. There have been a couple attempts to renovate it over the past decade and the more recent one led to the removal of all the windows, leaving it open to the elements. The 11-storey structure had become a hulking eyesore over the burgeoning Loft District (or Callowhill, or North Chinatown) neighborhood. Finally, a new developer is starting to renovate the building into apartments and this time the renovation is moving along.

The new developers are called Post Brothers Apartments, owned by brothers Mike and Matt Pestronk. They acquired the property from a bank, that had foreclosed on it from the previous owner, for just $5 million. They decided it was a good time to buy the distressed property, when the market for purchases was slow, but when the demand for rentals in Center City was still strong. The Loft District neighborhood has been gradually attracting new residents and developers over the years, as well as, new office and studio space that is popular with creative people and companies.

The development will have 163 rental apartments and 7,000 square feet of retail space on the first floor. The retail will be divided between two spaces, likely restaurants. They are planning to have a fitness center, some underground parking, and a pool on top. The design will be very modern, with a new facade of metal panels and vegetation-covered biowalls. The facade will not resemble an old factory building, but the apartments themselves will be loft style units, with large windows that will provide incredible views of the Center City skyline and Ben Franklin Bridge. The apartments should be ready for occupancy by August.

This building will be across the street from the Old Shoe Factory Condos, that were developed years ago by my former real estate teacher at Temple University Center City, Jonathan Orens and Orens Brothers Real Estate. Across 11th Street, the Philadelphia Chinatown Development Corporation is planning a new community center and apartment tower as well (I’ll have more on that in the future). Also, there are numerous residential developments on North Broad Street and throughout the Poplar neighborhood to the north. All this development is changing the Loft District, which means there will likely be more of an effort to convert the old Reading Viaduct into a neighborhood park. The renovation of the Goldtex Building will replace an eyesore, that is visible from the Vine Street Expressway, and turn it into a dramatic addition to the skyline in a gateway location. If you are interested in buying or selling a home or investment property in this rapidly developing and appreciating neighborhood, feel free to contact me at gabriel@thecondoshops.com or check out my Facebook page, Gabriel G. Philly Realtor, and my twitter account, GabrielGPhilaRE. Also, you should check out The Condo Shop’s website, www.thecondoshops.com, the Condo Shop Facebook page, The Condo Shop, and the Condo Shop twitter page, The_Condo_Shop. Also, you can read more about the Goldtex Building and Pestronk Brothers in the Philadelphia Business Journal, here. And check out the renderings and pictures that I have below.