After all the drama, Apple Storage building back on the market ...

After all the drama, Apple Storage building back on the market

Posted on 12 October 2012

An ?Available? sign now hangs on the Apple Storage building, again bringing into question the building?s future. (Photo by Mike Lyons)

Months of neighborhood drama accompanied the sale and re-zoning of the Apple Storage building to a developer who pledged to turn the hulking shell near 52nd and Baltimore into apartments. Now, six months after the plan won zoning approval, the building is back on the market.

Real estate developer Iron Stone proposed to convert the seven-story warehouse into 112 studio, one- and two bedroom apartments and retail space. The neighborhood group Cedar Park Neighbors, many business owners along Baltimore Avenue and Councilwoman Jannie Blackwell supported the project. Meetings were held with neighbors who live near the building and feared their property taxes would increase as a result of the development. Iron Stone successfully navigated the often tricky zoning process.

Now the project appears to be on hold indefinitely.

Through a real estate agent, NAI Geis Realty Group, Iron Stone is marketing the building as a ?fully approved student housing/apartment project? with an asking price of $2 million.

?They have a couple of other things in the pipeline,? said real estate agent Jack Byers from NAI Geis. ?They just want to see if there is any interest.?

Byers said that very little of the planned renovation has been done so far.

The zoning requirements would transfer to the new owners if the building is sold. Here is more text from the marketing brochure (pdf link here):

?Apple Lofts is the next great student housing opportunity. Cedar Park represents stable housing stock in a quickly revitalizing up and coming market. This market is brimming with students seeking unique housing opportunities with off-street parking and supporting retail amenities near University of Pennsylvania and Drexel and St. Joseph?s Universities.?

?

Source: http://www.westphillylocal.com/2012/10/12/after-all-the-drama-apple-storage-building-back-on-the-market/

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