Residential Investment Leader The Resmark Companies Partners with The Concordia Group and D3 Development on Joint Venture Development of 248 Single-Family For-Sale Townhomes at New Fishtown Project Along Delaware Riverfront in Downtown Philadelphia
The Resmark Companies, a private equity residential real estate investment firm, announced today that it is partnering as the equity investor with The Concordia Group and D3 Development in the development of 248 single-family, for-sale townhomes on a vacant site along the Delaware River waterfront in the Fishtown neighborhood of Philadelphia.
The project at 2001 Beach Street includes 248 single-family, for-sale townhomes on approximately 17 acres. A one-acre central park with public access and expansive open green spaces throughout the community are among its desirable features. A setback along the river will become part of Philadelphia’s Delaware River Trail system. The site also includes an approximate 8-acre land parcel entitled for over 800 for-rent multi-family units.
“We are delighted to join Concordia Group and D3 Development in this innovative waterfront project that’s unique in its thoughtful design and planning,” said Stephen O’Neil, Vice President of Investments for The Resmark Companies. “This is our third investment in Philadelphia with our valued partners. We are confident in their ability to design and execute projects that resonate with Philadelphia homebuyers.”
The Resmark Companies previously partnered with Concordia and D3 on two notable housing development investments in Philadelphia. Sales are currently underway at The Locks, a community of 60 for-sale townhomes, now being constructed on Venice Island in the Manayunk neighborhood. Southwark on Reed, a community of 91 for-sale townhomes on the site of the former Mt. Sinai Hospital in Dickinson West, is completely sold out, O’Neil reports.
“Resmark brings integrity, dedication to detail, and a relationship-orientation to our partnerships,” said Will Collins, Managing Principal of The Concordia Group. “In our investments together, Resmark has joined us to execute a vision of creating urban infill communities that complement their unique locations.”
The for-sale element of the development, with its low-density design and amenity green spaces, will appeal to the target buyer audience seeking an upscale community located within an urban setting.
The townhomes will average close to 2,700 square feet and be three and four stories in height. All will have generous rooftop living and entertainment areas with views of the Delaware River and the City skyline. Configurations include three- and four-bedroom floor plans, one- or two-car garages, with elevators available in select units.
ISA Architects, an award-winning firm based in Philadelphia, designed the for-sale townhomes. Land Collective of Philadelphia is the landscape architect.
The Beach Street project will be the largest new residential community in Fishtown to date. It is located less than a mile from the center of Fishtown, a trendy hub of restaurants, live music venues, shopping options and parks. The new community is within minutes of major employment centers and approximately 10 minutes from Center City and 20 minutes from Philadelphia International Airport via I-95.
Site development work is expected to start this fall, with construction on the first phase of single-family homes anticipated to commence shortly thereafter.