May 31, 2016
EB Realty Management will move forward with a $17 million expansion and redevelopment of Abbotts Square in Philadelphia. The residential and retail property is at 200-210 Lombard St., in the Society Hill neighborhood of the city.
Two large retail vacancies – Garden of Eden and Citibank – prompted the property’s $23.9 million CMBS loan to be sent to special servicing earlier this year. The lender agreed to let EB Realty move forward with converting an existing garage into 47 units, and bringing in a new retail tenant (Ahold Grocery), which will take approximately 10,000 square feet. Also, existing tenant Wawa will expand by approximately 2,500 square feet.
The property has 162 units originally developed and marketed as condominiums. However, the housing downturn stalled sales, prompting the remaining units’ conversions to rentals.