A surface lot planned for the development of a seven-story, 144-unit apartment building in Philadelphia’s Callowhill neighborhood has been acquired for $7.9 million.

An affiliate of Patriot Parking Inc. recently sold the 0.46-acre parcel at 1201-15 Callowhill St. to an undisclosed buyer. 

The property is on the northwest corner of North 12th and Callowhill streets, just south of the Rail Park, an elevated promenade on a former railway. The site has the full 10-year tax abatement

The site was previously approved to become a co-living building with 77 units operated by German company Medici. The building would have included units with three and four bedrooms. Tenants would rent by the bedroom rather than by the unit.

*Article courtesy of Philadelphia Business Journal

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