Two local developers are looking to combine the old and the new to create a major residential destination in the heart of the Downtown cultural district.
Trek Development Group and Q Development are teaming up on “Eighth and Penn,” a 135-unit apartment complex to be built at Penn Avenue and Eighth Street.
The $35 million project is one of two new residential developments in the works Downtown. During a city planning commission briefing Tuesday, BET Investments, a Horsham, Pa., developer, also unveiled a proposal to convert a vacant building on Third Avenue into 88 apartments.
In the cultural district, Trek and Q plan to use two vacant historic eight-story buildings they purchased last year for about $2.4 million, as well as a new 11-story addition, to house the apartments, all of which will be market rate.