By BisNow
With demolition dust settled, permits in place and crews set to begin work, developer Shift Capital was finally ready to move forward on plans to construct hundreds of hotel rooms aimed at serving patient families and others from two nearby hospitals.
The project would have been the only hotel in that part of North Philadelphia to meet a growing market. But just as construction was gearing up and executives were preparing to sign loan paperwork, lenders pulled funding “at the eleventh hour,” according to principal Nancy Gephart.
The $70M project remains in limbo, the victim of spiking insurance rates and other costs that meant the project no longer penciled.
