The Apple Storage building on the corner of 52nd and Willow streets in West Philadelphia will end its 10-year vacancy this fall. Plans have been approved to begin construction on what will be named the Apple Lofts. Iron Stone Capital Partners plans to put over 100 apartments into the empty storage building.
Located just off of Baltimore Avenue, the lofts may very well influence new business owners to capitalize on the empty spaces in the growing business district.
Residents were concerned the lofts would increase taxes for homeowners in the area. However, Monica Allison, vice president of the Cedar Park Neighbors civic association, said she believes the lofts will do more good than harm.
“I just don’t see how an empty building can do any good for the neighborhood. More residents means more for the community,” Allison said.
The new loft-style apartments will be priced competitively with other rental properties in the area. They will be made affordable to influence residents of all demographic types to move in. The lofts will also include commercial space for retail.
“I see all different types of people moving in. There won’t just be one particular group of people,” Allison added.
Construction is set to begin in the fall.