A new live-work development for educators is holding its official groundbreaking ceremony Wednesday in South Kensington, bringing the innovative development concept -- the first-of-its-kind for the region -- that much closer to reality.
Local developers Gabe Canuso and Greg Hill of
D3 Real Estate (formerly of
Brown Hill Development), in collaboration with their Baltimore-based partner Donald Manekin, are responsible for bringing the idea to Philly from Baltimore. Billed as an educational nirvana, the $35 million mixed-use development will offer Philadelphia teachers a 25 percent reduction in rent while commercial spaces will be outfitted for nonprofit, education-focused organizations.
According to Canuso, anchor tenant
Teach for America has already committed to leasing 13,000 square feet of space. As for the rest of the 160,000-square-foot development -- which spans two buildings -- expect additional commercial space, over 100 apartments, shared amenity/break-out rooms, courtyards, a café and free parking.
When Oxford Mills opens in April of next year, it will be the first time Manekin has tested his concept outside of Baltimore. There, he has been successful creating a site-specific community of educators, providing the customized physical space necessary for such an ecosystem to take hold.
Canuso and Hill, who in the past have focused more on luxury properties, were looking to do more "socially conscious" work and were intrigued by the concept. "We loved the idea," says Canuso. "It helps support an industry of people who are doing great work."
The development team looked at over 20 buildings in the region before landing on the Oxford Mills site between Oxford and Jefferson Streets in South Kensington. One of the buildings, a former a textile mill, dates back to 1875; the other was built around 1915. Due to the site's history, the developers were able to land historic tax credits and new market tax credits. Those financial perks enabled the for-profit developers to follow through with the rent reduction guarantee for educators.
Canuso says that in addition to Teach for America, there has been exceptional interest in the other commercial spaces from education nonprofits, local schools and the School District. The response from the education community has been so positive that Canuso and Hill are already thinking of bringing the idea to West Philly in the future.
For now, Canuso and company are focused on getting the word out on Oxford Mills. The groundbreaking ceremony will include an appearance from Mayor Nutter along with music, food, drink, and performances and art work from local students.
Source: Gabe Canuso, D3 Real Estate
Writer:
Greg Meckstroth