Background: In February 2020, Halpern entered into a Joint Venture agreement with a local operating partner to purchase the development site located at 1650 West Girard Avenue (Phase II), an Opportunity Zone site located in the emerging Fairmount neighborhood of downtown Philadelphia. In conjunction with acquiring the Phase II site, an affiliate of Halpern made an equity investment in the adjacent site located at 1600 West Girard Avenue (Phase I), which consists of the recently delivered 88-unit apartment building with retail space (The Civic).

Description: The Phase II development plan is for a seven-story building with 203 multifamily units, 96 parking spaces, and 12,000 SF of ground-level retail space. The building is being designed for the post-COVID-19 world, featuring units and an amenity program that offer a variety of outdoor space and consider the potential for a higher remote workforce. Together with the completed Phase I, the two developments will create a concentration of residential and retail space for the neighborhood.

Status: Construction documents. Halpern recently launched its capital raise for direct, co-invest Limited Partner equity for 1650 West Girard Avenue.