By Veronica Grecu, Associate Editor
Camden County officials decided last week to change the fate of the dilapidated Pennsauken Mart site. The property, which failed to be converted into a hockey arena and convention center, will be turned into a residential development called Renaissance Walk. As reported by the Philadelphia Inquirer, the community will include 600 housing units designed for young professionals without children. The project will be developed by Renaissance Partners L.L.C. who will begin construction by early summer. According to the Inquirer, prospective tenants will pay an estimated $1,400 a month for a two-bedroom apartment.
The Camden County Improvement Authority spent well over $35 million to purchase the property located on Haddonfield Road and more than three years to demolish it. The Pennsauken Mart was first envisioned as a hockey arena more than seven years ago but the project was abandoned when the deal for a minor league team failed in 2005. More plans followed for luxury homes and retail spaces, but none of them succeeded and the site was shut down on January 29, 2006.
In commercial real estate news, Citybizlist reports that a $20 million loan was granted by Red Capital Partners to The Commonwealth, a 109-year-old historic building and Philadelphia’s newest renovated rental building. The 15-story property is located in Center City and includes 98 housing units and retail space on the ground floor. Owned by three Philadelphia-based companies—SSH Real Estate, Silverang Hallowell Development Company and 806 Capital LLC—the building was recently redeveloped and is currently 70 percent occupied. The loan will replace the project’s construction loan; the permanent financing could be provided by Red Mortgage Capital LLC.