Post Brothers and Tower Investments began planning for a massive multifamily and retail development back in 2017, and the project is finally a reality, writes Paul Schwedelson for the Philadelphia Business Journal.

The One Thousand One building at Broad Street and Washington Avenue welcomed the first residents to its 630-apartment first phase on July 1.

According to Post Brothers CEO Mike Pestronk, the first phase of the high-end development cost over $400 million to build. A 44,000-square-foot Giant grocery store will cap the work upon its opening on the ground floor later this year.

The next two phases would bring the entire development to more than 1,400 apartment. Pestronk noted that the average unit size is more than 800 square feet.

The building design was influenced by the limited inventory in the housing market, as tight supply and affordability challenges have pushed those with high-income to delay home purchases and rent longer.

“It’s clear what housing demand is like today and what it will be in five years,” Pestronk said. “We’re skating to where the puck is going, not where it was in 2019.”

The One Thousand One building also features a 16,000-square-foot gym, 36,000-square-foot outdoor lounge and pool space, coworking space, and children’s space.

Read more about the new One Thousand One building in the Philadelphia Business Journal.

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