After a leasing turnaround, Philadelphia-based developer Post Brothers is ready to expand not just one, but two multifamily properties in the city.
The developer aims to start work on the second phase of One Thousand One on South Broad Street shortly, the Philadelphia Business Journal reported. Work is expected to begin once occupancy of the first phase reaches 100 percent; it sits at 80 percent today.
While that may seem like a long way off, leasing has surged at the 630-unit development after initially appearing sluggish when the property opened a year ago.
Since October, however, a noticeable shift in activity has put the property ahead of projections; CEO Mike Pestronk estimated that between 400 and 500 units have been leased in the last eight months, with the building averaging 60 units per month.
The next phase of the development would feature 453 units and be built on the eastern half of the block between Broad and 13th streets and Carpenter Street and Washington Avenue. Post hopes to break ground on the two-and-a-half-year phase in early 2026. The development will likely include restaurant space to align with other storefronts on Washington Avenue; there’s a Giant supermarket on the ground floor of the first phase.
There’s a third phase to the project, which would unfold over a U-Haul lot across 13th Street.
It’s not the only development where Post is gearing up to grow. After a slow period at the Piazza and the Piazza Alta in Northern Liberties, the 695-unit Piazza Alta is 97 percent leased.
Construction for the next phase of that development is expected to kick off in the next quarter. The 18-month project involves developing atop existing podiums, adding 431 apartments and bringing the development’s total unit count to 1,126.
There are two restaurants set to open as part of the development imminently, with a third coming after a recent lease from a “well-known, well-regarded” restaurateur, according to Pestronk.
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