Construction Progress at 5th & Spring Garden
Once regarded as Possibly the Ugliest Shopping Center in Philadelphia, before MPN’s Ken Mallin accepted the challenge of selling the 100,000 SF property back in February 2016.
Here’s the Deal
There were eleven condominium entities with six different owners and the level of complication of getting everyone on the same page was enormous. According to his discussion with the Philadelphia Business Journal, “Some owned segments that had frontage on Spring Garden while others owned other portions. An analysis was done to figure out what each was worth. Once that was finally determined, Mallin approached several prospective buyers and multiple offers were made.” The sellers decided to go with RREI LLC, a Philadelphia real estate company run by Neal and Victor Rodin for $16.05 million, who has gotten the city approvals for a 13-story building to include 382 apartments, underground parking, and 100,000 SF of ground-floor retail space.
This mixed-use project takes up an entire block in Northern Liberties, 5th Street to the east, Spring Garden to the south, 6th Street to the west, and a private access street to the north. Philadelphia’s first Amazon grocery store will occupy the one level box space to the west.
Residents at 501 Spring Garden will have access to a basketball court, fitness studio, demonstration kitchen, a relaxing rooftop lounge area, and dog run. In addition to adjacent neighbors, Silk City and Yards Brew Pub, residents are a few blocks away from 2nd Street bars, restaurants, and shops.