The Loonstyn family is on a development tear. Loonstyn Properties and MJL Properties, both owned by members of the Loonstyn family, have embarked on projects large and small in the last few years in the Francisville, Fairmount, and Spring Garden neighborhoods. Recently, Loonstyn Properties acquired two historic Victorian homes in Spring Garden, and are currently performing renovations to restore the exterior to its original condition. Ultimately, the building will be a multi-unit rental property.
That renovation will mean new eleven new one-bedroom apartments spread through two separate buildings, 2101 and 2103 Spring Garden St., located in the Spring Garden Historic District. The units will each be around 750 sq ft, according to Bill Loonstyn of Loonstyn Properties. He said they are still determining how much they plan to charge for rent. Loonstyn purchased the properties, which also include a rear lot and a two-car garage this past winter for around $835K, according to Loonstyn. All renovations have been done in collaboration with the Historical Commission, Loonstyn said.
“The marketplace, whether it’s Spring Garden or Francisville …,” said Loonstyn, “all these locations are ripe for rental properties. A lot of young professionals are moving in and that’s the area they want to be in.”
It has its draws. It’s close to Center City but a little less expensive. There are parks nearby, museums, restaurants and the Schuylkill River banks are less than a mile away. Loonstyn Properties developed the mixed-use project at Fairmount and Uber Streets that opened last year and is home to the popular Blue Cat Restaurant. MJL properties, run by Bill’s brother Michael, is in the process of developing a large 35-unit mixed-use project in Francisville near 19th & Parrish. The Loonstyn’s have been doing work in the area for decades, and witnessed all the changes first hand. Here’s to this family continuing to make their mark in these neighborhoods in the decades to come.