Sitework Already Underway on 404-Unit Development in Northern Liberties Neighborhood
New Jersey-based developer Accurate is entering the urban Philadelphia market with a pair of new residential projects getting underway and a third property under contract.
Accurate will break ground on developments in two of Philadelphia’s most sought-after neighborhoods this year, delivering a total of 499 residential units. They include a 404-unit project in the city’s historic Northern Liberties neighborhood and 95-unit building in the University City area. According to the developer, a third site currently under contract is expected to comprise 118 residences in another prime neighborhood.
The Northern Liberties development will be located at 650 Fairmount Ave. Sitework is already underway at the property. The project is set to include 297 rental units ranging from micro studios to two-bedroom floor plans in two buildings and 107 for-sale townhouses, including single, duplex and triplex homes.
The University City project will be located at 4050 Ludlow St. Accurate expects to begin construction on the seven-story apartment building this month.
The developer is headquartered only 60 miles away in central New Jersey, and these projects mark their first foray into the Philly market. However, Accurate has been very active in the Garden State. The developer’s current New Jersey projects include Citizen Linden, a 234-unit luxury rental property now leasing next to the Linden train station; Morris Marketplace, a 140,000-square-foot retail destination rising in Morris Township; Citizen Bayonne, a new 600-unit luxury rental complex slated to open this summer in Bayonne, and CitiSquare Newark, a nine-phase project in Newark that includes 4,200 residential units and 100,000 square feet of commercial, office and hospitality space on the site of the former Newark Bears & Eagles Riverfront Stadium.
Costar.com, Lauren Diggs