Residences to rise on parking lot in historic Old City

Rendering2
Artist’s rendering of eight-unit residential building planned at the current site of a parking lot at 44 N. Third St. in Old City.

A North Jersey property-investment company that specializes in Philadelphia real estate plans a townhouse development and an eight-unit residential building north of Third and Market Streets in Old City, according to documents filed with the Philadelphia Historic Commission.

National Realty Investment Advisors LLC of Secaucus is applying to build the nine four-story townhouses behind the five-story multi-family building at the current site of a parking lot at 44 N. Third St., according to the documents.

The project is subject to review by the Historic Commission, which is scheduled to take it up on Tuesday, because it would be built in a historically designated section of the city. Commission staff characterized the construction as "generally compatible" with the area.

National Realty has completed townhouse developments near Front and Callowhill Streets in Northern Liberties and close to Sixth and Fitzwater Streets in Queen Village, among other projects, according to its website.

The company funds projects by attracting equity from investors who retain ownership of individual properties within its developments after they are completed, according to the site.

jadelman@phillynews.com

215-854-2615 @jacobadelman

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