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New Townhomes Rise and Sell Quickly On Former Philadelphia Hospital Site

Philadelphia home buyers are flocking to the city’s latest and largest for-sale residential townhome project, Southwark on Reed, located at 400 Reed Street straddling the Dickinson Square and Pennsport neighborhoods. Shortly after breaking ground for 95 elegant townhomes, D3 Developers and The Concordia Group have pre-sold the first two buildings, comprising 14 homes, and have released the second group of 11 homes for sale.

Bethesda, MD-based Concordia has teamed with Philadelphia-based D3 Developers and The Resmark Companies to develop this $40 million project on the site of the former Mt. Sinai Hospital, a 230,000 square foot structure that had been abandoned for nearly two decades.

D3 and Concordia acquired the site in 2015 from an investment group that had owned the property for 15 years. Demolition of the hospital buildings began in October 2015 and will be completed this summer. Southwark on Reed will be built out gradually as homes are pre-sold; the project is expected to be completed in 2018.

“We are excited to develop a high-quality community within a thriving neighborhood,” said Concordia’s Devin Tuohey. “The location of the development and Philadelphia’s ten-year tax abatement for new homes has created demand for this product. Our principals have roots in Philadelphia, and we love the quality of life that the city has to offer: great restaurants, lots of cultural amenities, easy access to the shore, and a lower cost of living than that of both Washington, DC and New York City.”

Southwark on Reed’s location is particularly compelling, Tuohey went on, due to the proximity of three of the city’s top employment centers: Center City, University City, and the newly redeveloped Navy Yard. In addition, the site is just five blocks from Philadelphia’s new “foodie” corridor on East Passyunk Avenue, home to several of the city’s 50 top restaurants, among others. World-famous South Street, the Italian Market, and Pier 68 on the Delaware River waterfront also are nearby. Popular city parks within walking distance include Dickinson Square, Jefferson Square, and Columbus Square. I-95 and SEPTA’s Broad Street line stations provide multiple transportation options for residents.

Southwark on Reed’s townhomes, priced from the high $400,000s, offer four levels of finished space, ranging from 2,300 SF to 2,900 SF, with a standard half basement. Behind stately brick Federal-style facades, spacious interiors feature nine-foot ceilings, open floor plans, sleek designer kitchens, and sumptuous owners’ suites with private outdoor terraces. In each of the three townhome models, the owner’s suite covers the entire top floor and includes an outdoor terrace providing sweeping views of the city and two bridges over the Delaware River, the Walt Whitman and the Benjamin Franklin.

The community’s 16- and 18-foot-wide homes provide three bedrooms and a one-car garage, while the largest (20-foot) homes have space for up to four bedrooms and a two-car garage. All 95 homes offer dens, hardwood flooring in the foyer and main living areas, and optional natural gas hook-up on the terrace.

Each kitchen at Southwark on Reed features an open floor plan, center island, quartz countertops, 42-inch solid wood wall cabinets, ceramic tile backsplash, and stainless steel appliances including a side-by-side refrigerator, built-in self-cleaning oven with gas cooktop, sensor microwave oven, and built-in dishwasher with front/top controls.

Buyers can choose to have either three full and two half baths, or two full and two half baths. Master baths will be finished with ceramic floors and walls as well as quartz double vanities.

Southwark on Reed’s residents will enjoy indoor comfort with lower energy costs thanks to sustainable design and construction features that will earn the project the US Environmental Protection Administration’s Energy Star certification.

Three furnished model homes will be open for viewing in September of this year. For sales information, visit http://southwarkonreed.com/ or call 215.755.1600.

The Concordia Group was established in 1999 and is headquartered in Bethesda, Maryland. Concordia specializes in the development of residential and mixed-use commercial properties in urban, in-fill locations throughout the Mid-Atlantic. The principals of Concordia have over 40 years of combined experience in real estate development and have developed over 2,000 units throughout the mid-Atlantic, including one of the largest mixed-use projects in the District of Columbia, The Shops and Villages at Dakota Crossing.

D3 Developers is a Philadelphia-based real estate company focused on developing progressive, high-quality residential and mixed-use communities. The principals have constructed thousands of residential units and millions of square feet of commercial, retail, and industrial buildings in various Northeast metropolitan markets.

The Resmark Companies Founded in 1995, Resmark is a fully integrated real estate investment group. The Resmark Companies' divisions - Resmark Land and Housing, Resmark Apartment Living, and Resmark Impact Ventures - finance, acquire, develop and manage real estate in California, the western US, Washington, DC/mid-Atlantic region, and other select major metropolitan markets nationwide. To date, Resmark has committed approximately $3 billion of capital. Headquartered in Los Angeles, Resmark also maintains offices in San Diego and Irvine, California and in McLean, Virginia