Ray Philly, a mixed-use apartment complex in Philadelphia’s Olde Kensington neighborhood, is considered ground-breaking in several ways.
Its developer, Six Acre Capital, pioneered investment and development along the North American Street corridor where the $34 million project is located. The area has emerged as a hub for artists, galleries, architecture firms and other creative small businesses. Ray Philly is fostering that environment, by integrating art and culture in its design, in part by including six artist studios along with its 110 residential units and limited retail space. For those reasons, a panel of local industry professionals selected Ray Philly as the winner of the 2024 CoStar Impact Award for the multifamily development of the year for Philadelphia.
There are now about 1,000 residential units under construction or planned north of Ray Philly on North American Street now. This in addition to other significant projects, which include Clay Studio, Crane Arts Building and NextFab. New York-based Ray was Six Acre Capital's financial and branding partner.
About the project: Located at 1525 North American St., Ray Philly spans 103,000 square feet across six stories, with an additional below-grade component running the full footprint of the building. In an unusual twist, the ground-floor studios feature bi-level spaces with operable rolling garage doors, to allow tenants to open up their spaces to the community.
The entire building is programmed with an emphasis on arts, culture and engagement. And it incorporates works by artists, both internationally known and local. Michelle Lopez, associate professor of fine arts at Penn’s Weitzman’s School of Design, has a work that says "When Under One Sky" installed on Ray Philly's facade. She also occupies an artist studio in the building. The facade itself is split-brick, creating an undulating texture.
Ray Philly's eight sixth-floor penthouses that each have internal staircases leading to pilot houses, outside of which are private outdoor rooftop spaces.
What the Judges Said: "I like how this project infuses itself into the community by inviting space for artists and adding lots of programming elements," said Eric Goldstein, president and CEO of King of Prussia Business Improvement District. "I also like how the project chose to mimic the industrial nature of the surrounding neighborhood." Mike McNelis, head of growth at Philly Living Management Group, said the development "a unique product and aesthetic to a market that sees so many cookie-cutter buildings being built."
They Made It Happen: Mark Lansman and Jake Borden, co-founders and principals of Six Acre Capital; William Kluczkowski, managing director, head of real estate, Ray; Jacob Cooper, partner and managing director, MSC.
CoStar Senior Market Manager Shae Yeager and Market Manager Douglas Scott-Meagher contributed to this report.