Philly's renowned Jimmy G's Steaks is turning into a new 20-unit apartment building [Video + Photos]
Updated: Apr 7, 2022
Philly Property Group (powered by Long & Foster Inc.), a reputable name in the Real Estate industry (#1 in units sold in PA) just announced today that their client, Philly Capital Group, is in the beginning stages of a new development called the McDermott. The building will feature 20 residential apartments and 1,400 sqft of street-level retail on the historic triangular corner of Broad Street and Ridge Avenue directly atop the Fairmont-Broad Subway Station with commute times to Center City in just minutes.
The new development sold for 1.8 Million and is located at 689 N. Broad St. across from the historic Divine Lorraine and Metropolitan Opera House (The MET). It will be a five-story, 18,000 sqft mixed-use building. Amenities are to include elevator service, a digital doorman, parking spaces, and a green-roof community outdoor space. Designed by local architectural firm Ambit Architecture, the new building will be rooted in the ideas of classic cast iron and mannerist architecture. Deep cornices and pilasters will give the striking pseudo-triangular structure depth and shadow, while peak-shaped floor-to-ceiling windows will be used to break the horizontal lines and set up vertical bays of glass.
The new development’s name, “The McDermott” pays homage to the site’s past — McDermott’s Tavern, which once stood in its location in the early 1900s. More recently, the property was occupied by Jimmy G’s Steaks, which shut down in the summer of 2021 previous to the sale of the property. Over the past decade, the bustling intersection at Broad and Ridge has seen substantial development, including renovations to the historic Divine Lorraine Hotel, an Aldi supermarket, and luxury apartment towers. Just blocks away, The Met Philly opera house, underwent substantial redevelopment and re-opened in 2018. Surrounding blocks have filled up with restaurants, cafes, breweries, bars, and stunning murals as a result of the Spring Arts District’s rotating outdoor gallery.
"Our client is the perfect development group to complete this historic project and we are thrilled to see the addition of a classic building in our city. The negotiations were months long and tedious. We were competing with multiple offers and working with terms that are not commonly seen in our marketplace. With a creative and steady approach, we were able to beat the competition and secure the asset for our client, Philly Capital Group. " said Abby Trimborn, Co-Founder & REALTOR®/Development Specialist of Philly Property Group.
Philly Capital Group and its partners aim to develop projects in which the community can take pride. The team will work to ensure the construction creates the least amount of impact and disruption for the local community. Contact email@example.com regarding any inquiries about this space or potential investment opportunities for future projects.”
Philly Property Group, Long & Foster is a real estate team located in Northern Liberties ran by Abby Trimborn and Bob Kiziroglou that specializes in New Development projects in Philadelphia, #1 team in PA by units sold. You can follow Philly Property Group on instagram to follow the full journey of the development project as they will be documenting the full process to completion. For sales inquires please contact Philly Property Group at 215-499-0887 or visit phillypropertygroup.com.