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2621 – 67 FRANKFORD AVENUEPHILADELPHIA2621 Frankford AveFishtownPhiladelphia, PAGrand Street Development1Confidential
CONTENTS Executive Summary Neighborhood Highlights Location Project Summary Design Rent Comparables DisclaimerGrand Street Development2Confidential
EXECUTIVE SUMMARYSummary:The property has received unanimous approval and support from the Registered Community Organization (RCO), FishtownBusiness Improvement District (FBID) and Civic Design Review (CDR). The proposed plans have completed the Zoning Approvalprocess and we have begun process of obtaining a new building permit which will take approximately four to five months fromJanuary 2021. Now would be considered an ideal time in the process for a new developer to take over in order to keep themomentum going while still being able to put their own input into the development plans.We have created a market unique amenity package including a pool/ice rink, roof decks, business center, zoom rooms, all-seasonsrooms, dog park, private and common outdoor spaces in addition to a fitness room, package room, storage cages, bike and carparking etc The property is a short walk to the Huntingdon “EL” subway train (12 minutes to Center City) as well as easy access to Route 95 (1mile).It is worth noting that Philadelphia multifamily has performed exceptionally very well during the pandemic giving confidence tofurther improvement in the post-pandemic environment.Project Highlights: Opportunity Zone As-of-Right 10-year Tax Abatement (taxed only on land) Potential to be built in two phasesProject Summary: 459 apartments 36,242 SF of “light industrial” commercial space 120 parking spaces including electric chargers and shared car spacesProperty Information: Address: 2621-27 Frankford Avenue, Philadelphia Lot Size: 90,334 SF, 395’ x 125’ Zoned: IRMX (Project is an as-of-right use)Grand Street Development3Confidential
“How Fishtown, Philadelphia BecameAmerica's Hottest New Neighborhood”“This place used to feel like the edge of the world. It used to beunder the radar. Now it feels like the center of Philadelphia.”click here for full articleGrand Street Development4Confidential
NEIGHBORHOOD HIGHLIGHTS // FISHTOWN“Located outside but within reach ofPhiladelphia’s downtown, the neighborhoodof Fishtown has been labeled ‘up and coming’for some time. Thanks to the increasingdensity of neighboring Northern Liberties,however, it stands on the precipice ofunprecedented growth.”“In case you haven’t heard, Fishtown has quicklybecome one of the coolest sections of Philadelphiathanks to an influx of quality restaurants, inventivebars, impressive music venues and forward-thinkingart galleries. Philadelphians have found new andinnovative uses for the Fishtown section of the cityever since William Penn made peace with theLenape Indians there in what’s now Penn TreatyPark.”“A massive café, bakery, distillery, and officecomplex in a refurbished warehouse in 2014,have transformed the hood’s main strip,Frankford Avenue, into a walkable bar-andboutique boulevard that’s not quite AbbotKinney (but maybe that’s a good thing).”“A longtime working-class, European immigrantarea, Fishtown and Port Richmond arebrimming with neighborhood bars and pride.This area has recently received a shot in the armfrom downtown refugees seeking affordablefirst buys. Even though housing prices areshooting up in response, it remains a relativelyaffordable area.”Grand Street Development5Confidential
LOCATIONTemple1.7 milesDrexel4.0 milesRed Brick DistilleryWeWork1.6 miles774 Grand StreetTemple PhysiciansFishtown MarketUPenn4.3 milesGrand Street DevelopmentComcast3.2 milesLa ColombeFrankford Hall6Confidential
AREA GROWTHGrand Street Development7Confidential
PROJECT SUMMARYOpportunity Opportunity to execute a multi-phase, mixed use development in FishtownProject would be delivered with a zoning approval and with the option for a new building permit as wellPhiladelphia tax incentive allows for 10-year abatement of property tax (taxed only on land basis)Project Description IRMX residential mixed-use zoning allows for over 450,000 buildable square feet as-of-rightProject designed with the flexibility of either developing the project in two phases or as one single projectProject Phasing Strategy Entire building 362,592 square feet above gradeNorth building approximately 228,895 square feetSouth building approximately 133,697 square feetProposed unit mix Studio 148 apartments (420 sf avg.)Jr. one bedroom 69 apartments (635 sf avg.)One bedroom 200 apartments (683 sf avg.)Two bedroom 42 apartments (950 sf avg.)Grand Street Development8Confidential
ZONING REFERENCE: CURRENTLY IN PHASE THREEGrand Street Development9Confidential
ZONING REFERENCE – IRMX CODEGrand Street Development10Confidential
DESIGNGrand Street Development11Confidential
DESIGNThe Fishtown Grand apartments will embrace the architecture and history of“The Brooklyn of Philadelphia” aka Fishtown. The goal is to provide an “OldPhilly/Vintage Modern” feel to the property without sacrificing the luxuries ofa modern home.All apartments will come equipped with hardwood floors, high ceilings, largewindows, condo-style bathrooms, stainless steel appliances, and a videointercom system. Many apartments will have built in desk spaces to supportworking from home in addition to private outdoor spaces.The roof deck will be a significant amenity and serve to differentiate theFishtown Grand from the competition. Features under consideration include avegetable garden, farmhouse tables, an outdoor movie theater, and outdoorshower.Grand Street Development12Confidential
PRELIMINARY DESIGNAdditional amenities will focus on achieving an artful balance of livingand playing; a beach-like area with a pool, common area Wi-Fi, on siteparking with electric car charging stations, bicycle parking, storageunits, a lounge with entertainment facilities, library and co-workingstations, a state of the art gym with yoga and spin studios are all beingconsidered as part of the overall design in addition to: Grand Street Development13PoolIce RinkLawn Games: Foosball, Ping Pong, Bocce, etc Grilling stationsDog ParkBranded bike shareGarden-like courtyard with outdoor movie theaterConfidential
DESIGNGrand Street Development14Confidential
COMMERCIAL SPACE USE IDEASGrand Street Development15Confidential
DESIGNGrand Street Development16Confidential
DESIGN – TYPICAL FLOORGrand Street Development17Confidential
DESIGN – UNIT LAYOUTSGrand Street Development18Confidential
DESIGN – UNIT LAYOUTS1 BEDROOMGrand Street Development19Confidential
RENT RESILIENCEGrand Street Development20Confidential
RENT COMPS459420 3.27683 2.57Grand Street Development21Confidential
PROFORMAYr.1 StabilizedREVENUESResidential (trended)CommercialStorageOther IncomeBike ParkingCar ParkingPotential Gross RevenueLess: Vacancy & Collection Loss5%Net ,147,468557,37310,590,095EXPENSESResidential ExpensesPayrollUtilitiesRepairs & eManagement Fee (4%)Real Estate TaxesTotal ExpensesNet Operating IncomeGrand Street Development22Per 9382,263,542(4,921)8,326,553Confidential
PROFORMAUnit MixStudioJr. One BedroomOne BedroomTwo BedroomTotal Annual RentOther IncomeCommercial (36,242 sf)Car ParkingBike ParkingStorageMisc IncomeStabilized ValueGrand Street DevelopmentUnit Count1486920042Monthly Rent1,3751,6251,7552,550 25 per SF 200 per month per space 10 per month per space 25 per month per cageApplication fees, late fees, Pet fees, etc Cap 01,010Confidential
DISCLAIMERCONFIDENTIALITY AND RELIABILITY – This proposal contains confidential and proprietary informationintended solely for the purpose of evaluating a lending or an investment opportunity presented by GrandStreet Development, LLC ("Grand Street Development"). In the event that the materials herein are disclosedto third parties, Grand Street Development could be competitively disadvantaged. Do not duplicate ordisclose, in whole or in part, the information contained herein for any purpose other than to evaluate theintended opportunity and except as permitted by the confidentiality agreement previously executedbetween you and Grand Street Development. The information contained herein is believed to be reliablebut cannot be guaranteed. Although Grand Street Development has reviewed this information, it does notrepresent that is reflects all of the information that may be required in order to sufficiently evaluate theopportunity presented herein. Consequently, Grand Street Development does not make anyrepresentations or warranties, express or implied, as to the accuracy or completeness of any of theinformation contained herein and therefore disclaims any liability resulting from the use of suchinformation, any errors therein and any omissions therefrom.The projections contained herein represent estimates based on assumptions considered to be reasonableby Grand Street Development given known facts and conditions as well as business judgments made as ofthe date of this request. Grand Street Development makes no representations or warranties, express orimplied, that the actual results will conform or be comparable to such projections.Grand Street Development24Confidential
2621 -67 FRANKFORD AVENUE PHILADELPHIA 2621 Frankford Ave Fishtown Philadelphia, PA 1. Grand Street Development Confidential CONTENTS Executive Summary Neighborhood Highlights Location Project Summary Design Rent Comparables Disclaimer 2.
