6B — February 26 - March 10, 2016 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
O wners , D evelopers & M anagers Brett Segal, Mike Margolis and Dave Dolan represent seller NGKF Capital Markets represents Canus Corp. in sale of SOKO Lofts in Philadelphia
HILADELPHIA, PA — NGKF Capital Markets has success- fully completed the sale of SOKO Lofts development site at 1300-1354 North Sec- ond St. The NGKF Capital Markets team comprising Brett Segal , Mike Margo- lis and Dave Dolan from the Philadelphia, Pennsylvania office, along with market ex- pert Jeff Mack , represented Canus Corporation , who sold the development site to The Klein Company . The property is located in the South Kensington neighbor- P
hood of Philadelphia, which is steps from The Piazza in Northern Liberties. The entire city block has been environmentally remediated and is bounded by 2nd St. to the east, American St. to the west and Master and Thomp- son Streets to the north and south, respectively. “The Klein Company ben- efits from the ability to im- mediately commence con- struction, taking advantage of the surging popularity of the location and its North- ern Liberties and Fishtown neighbors,” said Segal.
SOKO Lofts is a 2.8-acre “shovel ready”, fully-ap- proved development site located in one of the fastest- growing, liveliest neighbor- hoods in Philadelphia. The site is only a five minute walk to the Market-Frankford “El” stop and according to walkscore.com, a website that ranks the walkability and access to transportation and amenities of cities and neighborhoods, SOKO Lofts has a 96 Walk Score rat- ing. The project will feature 320 apartment units and is scheduled to begin construc- tion in late 2016. n delays and cost overruns negatively impacting your returns. If your sales team comes in after the design is done and suggests changes to add value, a critical deci- sion point arrives, whether or not to risk certain loss of time and money for a net additional RoR. In high-rise construction major structural elements may be substan- tially affected by changes in unit mix and layouts, due to the placement of columns, bearing walls and mechanical risers. Altering unit layouts after the structural design has commenced can have a devastating effect on the schedule, even before any contracts have been let. The possible elongation of the design process by several weeks is trivial when com- pared to either "missing the market" with a mis-matched design or untimely changes which upset the construction costs and schedule. Those changes, once contracts are let, will cost way more than 100 pennies on the dollar and can seriously diminish the project’s financial return. The developer of any type of proj- ect should always have the design vetted and optimized in real time by the sales or leasing team in conjunction with end users. That is one small investment that will surely lead to a large posi- tive impact to your project’s bottom line. BarrySchmidt is founder and principal of Schmidt ConstructionConsulting. n continued from page 3B Designing the best product for your residential development site
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