Amid a surge in multifamily projects throughout Philadelphia, five major developments have brought over 1,700 apartments in and around Center City this summer, writes Paul Schwedelson for the Philadelphia Business Journal.

Overall in Philadelphia, 2,653 new apartments were built during the first six months of the year.

The five high-profile developments include:

• One Thousand One by Post Brothers and Tower Investments with 630 units.

• 210 S. 12th Street by Midwood Investment and Development with 376 units.

• Five on Canal by GY Properties with 264 units.

• The Josephine by Southern Land Company with 254 units.

• Rivermark Northern Liberties by Jefferson Apartment Group and Haverford Properties with 223 units.

Together, they have accounted for 1,747 new units, or 65 percent of all new units in Philadelphia.

Most of the new units hitting the market are primarily the result of developers submitting their projects in a rush to avoid the update to Philadelphia’s 10-year tax abatement, which took effect in 2022.

Now, these same developers are competing for residents by providing various incentives, such as months of free rent.

The influx of new apartments is going to continue for some time. There are currently over 2,000 units being constructed in just Center City alone.

Read more about the new Center City developments in the Philadelphia Business Journal.

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