Philadelphia Business Journal

Spruce-up on Spruce

      A seven-story, $10 million condominium complex will be built in Philadelphia's Washington Square neighborhood where a six-alarm fire gutted an apartment building a year ago.

      Philadelphia developers Nicholas Jekogian and Luis Cozza are constructing the condo project, which will go under the French name Le Grenier, which translates into loft. Jekogian and Cozza operate NWJ Cos., one of the largest owners of so-called Class B apartment buildings in Philadelphia. This is the first condo project for the developers and may spur additional condo developments.

      "We want to see how this goes first," Jekogian said.

      Le Grenier at 11th and Spruce streets will have 19 condos ranging from 1,100 square feet to 1,200 square feet. Prices will run from $370,000 to $525,000. Maxwell Realty is marketing the units. Bower Lewis Thrower, a Philadelphia architectural firm, designed the project.

      The new development was spawned after an early morning fire last Aug. 6 tore through what had been Central Apartments. Some tenants were hanging out of windows as they waited for firefighters, who eventually has to pull seven people from the buring building. It took more than three hours to bring the fire under control.

      No one was seriously injured.

      The 32-unit complex had rented units from $800 to $1,000 a month.

      NWJ had owned the building for the last eight years. Jekogian initially thought that he would rebuild an apartment building on the site. However, after meeting with the Washington Square West Civic Association, an active and influential neighborhood orgainzation, his plans changed. The association encouraged the developer to go with a condo approach, which in general, adds to the stability of the neighborhood through ownership. A representative from the neighborhood association couldn't be reached for comment.

      The project is expected to be completed by February.

      NWJ, which considers itself a long-term holder of properties it buys, owns about 1,000 units throughout Philedelphia, most of which are in University City. It plans to continue buying in the city and will expand into other major metropolitan areas. It already owns apartment buildings in Baltimore and Washington. - Natalie Kostelni