ESI was retained by Shift Capital to conduct a market feasibility analysis for the proposed redevelopment of the Beury Building, located in North Philadelphia. The Beury Building is a vacant 13-story art deco high rise that Shift Capital is developing into a mixed-use, mixed-income facility. The plan proposes to redevelop the 11,867 square foot building to include 30 market rate rental units and 50 affordable rate rental units.
Our report for Shift Capital assess the rents for the affordable rent housing units, the market rent housing at over 30 comparable properties in the area, as well as the existing neighborhood characteristics, economic development, employment statistics, land use and natural amenities practices. ESI Senior Advisor Alan Greenberger, who lent his expertise to the analysis, was quoted saying, “I always referred to this as ‘Divine North’. Once we got ‘the Divine’ under control, this is the next thing that had to happen,” in an article by Philly.com
Check Out the Media Coverage:
Blighted Beury Building may be the next North Broad Street Comeback Tale – Philly.com
Shift Capital Makes the Bull Case for Kensington Redevelopment – Plan Philly
Developer Talks Plans for Beury Building, Kensington Warehouse Projects – Philly Magazine
Philly Bricks: The Beury Building – I Love Bricks
