It's always interesting for us to take the long view of development and observe how projects wind their way from concept to reality (or not reality for projects that fall through). Having done this for a few years now, we have the benefit of digital hindsight to help us remember project concepts and see how they change over time. Examples abound. A seven home project turns into a six home development. A building advertised as condos quietly shifts to rentals. High-rise buildings add a story or chop off two, perhaps changing some setbacks too.
At 31st & Master, we're seeing a project we first told you about a couple of years ago go through some changes thanks to new ownership. A former Acme warehouse covers the entire block, and the eastern section was converted to the Lofts at Brewerytown a few years back by Pennrose. Our previous story had Pennrose finishing the job, leading to a total of 224 units in the whole building. But new developers have come forward from McSpain Properties and they're moving forward with the renovation and calling it The Fairmount at Brewerytown.
When it's done, this side of the building will have 162 residential rental units, onsite parking, and a bunch of amenities including a concierge, a rooftop pool, and a fitness center. They're already getting leases signed for top floor units, starting in April of 2015. So this thing is moving fast. Downstairs, there are plans for a 24-hour market and a Publik House franchise, according to Brewerytown CDC. And they should know, their office is around the corner.
This project will clearly be a huge positive step for the neighborhood, and the fact that it will bring a large vacant building back to life is a major plus. If we're to nitpick, we do question the name a little. The Fairmount neighborhood, after all, is just a few blocks to the south of here. Imagine if we told you about "The Graduate Hospital at Point Breeze" at 22nd & Wharton or "The Northern Liberties at Fishtown" on Frankford Avenue. Confusing, right? But we'll accept the minor confusion, given the otherwise awesome qualities of this project. Ideally, this will be a sign of more good things to come in