Format
Full
City
Philadelphia
State/Province
PA
Country
USA
Metro Area
Philadelphia
Project Type
Mixed Use
Location Type
Other Central City
Land Uses
Fitness Center
Multifamily For-Sale Housing
Multifamily Rental Housing
Retail
Keywords
Adaptive use
Crowdfunding
Healthy place features
Historic preservation
Historic tax credits
Loft apartments
Main street retail
Rental housing
Site Size
0.55
acres
acres
hectares
Date Started
2014
Date Opened
2016
AF Bornot Dye Works is a loft apartment and retail project in central Philadelphia that involved the adaptive use and restoration of three timber and concrete factory buildings. Located along Fairmount Avenue, one mile north of Philadelphia’s City Hall, the surrounding Art Museum area is one of Philadelphia’s hottest submarkets, accounting for one-fifth of Center City’s new housing in 2015. The four-story buildings include 17 rental residences on the upper levels and 13,210 square feet of retail space across two lower levels, which has been preleased to neighborhood-serving tenants. In undertaking the project, developer, MMPartners, built upon 15 years of experience renovating and building scores of residential and retail properties in nearby Brewerytown. The $10.7 million development was funded through a combination of conventional loans, federal and state historic tax credits, city incentives, partner equity, and a $375,000 mezzanine loan from an online crowdfunding platform.
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Format
Full
City
Philadelphia
State/Province
PA
Country
USA
Metro Area
Philadelphia
Project Type
Mixed Use
Location Type
Other Central City
Land Uses
Fitness Center
Multifamily For-Sale Housing
Multifamily Rental Housing
Retail
Keywords
Adaptive use
Crowdfunding
Healthy place features
Historic preservation
Historic tax credits
Loft apartments
Main street retail
Rental housing
Site Size
0.55
acres
acres
hectares
Date Started
2014
Date Opened
2016
Website
Project address
1726–1744 Fairmount Avenue and 1615 Melon Street
Philadelphia, PA 19130
Developer
MMPartners LLC
1234 North 30th Street, Unit #2
Philadelphia, PA 19121
www.mmpartnersllc.com
Owner
MM Fairmount Avenue Partners LP
1234 North 30th Street, Unit #2
Philadelphia, PA 19121
Architect
Cope Linder Architects
1700 Market Street, Suite 2005
Philadelphia, PA 19103
www.cope-linder.com
OTHER PARTICIPANTS
General contractor
Axis Construction
King of Prussia, PA
Structural engineer
Larsen and Landis Structural Engineers
Philadelphia, PA
Civil engineer
Stantec
Interior design
ShopHouse Design
Philadelphia, PA
Historic consulting
Heritage Consulting
CohnReznick Accounting
Historic tax credit syndicator
PNC Historic Tax Credit Group
Interviewees
David Waxman, managing partner, MMPartners
William Bostic, president, Axis Construction Management
Ian Cope, principal, Cope Linder Architects
Ben Miller, chief executive officer, Fundrise
Staff
Kathleen B. Carey
Executive Vice President and
Chief Content Officer
Dean Schwanke
Senior Vice President
Case Studies and Publications
Payton Chung
Director
Case Studies and Publications
Principal Author
James A. Mulligan
Senior Editor
Laura Glassman, Publications
Professionals LLC
Manuscript Editor
Betsy Van Buskirk
Creative Director
Anne Morgan
Graphic Design
Martin Schell
Director, Digital Communications
Elizabeth Herrgott, Feast Studios
Videography