Yet another housing project is underway in South Kensington. According to the Philadelphia Business Journal, The Klein Company has purchased SOKO Lofts, a development site in South Kensington that extends from 1300 – 1354 North 2nd Street. The space is currently a large empty lot.

This is a rather large development: More than 300 apartment homes will constitute the three-building establishment. It served previously as the locale of Absco Inc., a recycling company that operates within the tri-state area. The property has allegedly been purified of any residual waste and contaminants.  

Canus Corporation, a real estate firm based in Philadelphia and Montclair, NJ, sold the property for $7.25 million. It was originally expected to sell for $60 million when negotiations first began several years ago. The folks behind the venture initially sought to construct a building composed of 160 condominiums and more than a dozen artist studios, but efforts fell through due to the Great Recession of 2007-09. It was put back on the market in late 2013 and sold in November this past year.

“There was a lot of interest from Philadelphia investors as well as those from around the country,” said Mike Margolis, an agent of international real estate firm Newmark Grubb Knight Frank (NGKF). Margolis brokered the deal with fellow associates Brett Segal, Dave Dolan and Jeff Mack.

The Klein Company anticipates furthering the project sometime later this year.