January 22-28, 2004

cityspace

Old Is New Again

by Lauren M. Wilson

North Second Street awaits some new construction as a pair of New Jersey companies -- Matrix Development Group and K. Hovnanian -- recently announced plans to bring more than 300 new lofts and condos, along with retail space, to the city’s Old City neighborhood.

The National at Old City will stretch across 2.3 acres of land on both the east and west sides of North Second Street near Arch. Matrix Executive Vice President Stephen A. Patron says the new development plans took nearby historic sites -- and community opinion -- into account before officials made their announcement at a press conference last week.

"We went to the community and asked what should be here," says Patron. Nonprofit organizations, community leaders and neighbors were invited to offer suggestions for the project. "It's urban development and redevelopment."

K. Hovnanian Group President Joe Riggs expects good things to come out of the project, which includes the National Products Building, where a six-story building is slated to be built as part of the development.

"We are going to bring new life into an old neighborhood," Riggs boasts.

Matrix, a real estate developer based in Cranbury, N.J., and K. Hovnanian, a community rehabilitator with an office in Toms River, N.J., say phase one of the two-phase plan will bring stacked townhouses, lofts and condominiums. There's even talk of penthouses.

The cost per unit ranges from $300,000 to $800,000. They will range in size from 1,000 to 2,500 square feet. By April, prospective buyers can see mock room designs. From there, if they so desire, they buy.

Aside from housing, the lower levels will feature retail space: Art galleries, specialty shops and a fitness center are currently in the plans. In addition, there will be more than 200 new underground parking spaces.

When it comes to protecting the neighborhood's historical integrity, the developers say nearby Elfreth's Alley will emerge undisturbed, a fact which likely helped earn some support.

Phase two of the project -- which will be led by Matrix -- has not yet been specifically laid out, but locals can expect more housing, shops and restored buildings. (Overall, there are expected to be 320 new housing units in the neighborhood. Of those, 170 are slated for the National at Old City's first development phase.)

Developers didn't offer details on the overall cost.