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Development And Redevelopment Projects Underway In Historic Old City

By John McDevitt

PHILADELPHIA (CBS) -- New meets old. Development and redevelopment projects are in the works near 3rd and Market Streets in Old City. And something that is not so common in the historic district....chain stores.

Construction is underway for a 7/11 store in the 200 block of Market Street (as seen in photo below).

old city redevelopment
(credit: John McDevitt)

Across the street, another developer is in the process of buying a series of buildings including historical ones to create a nearly 60 unit apartment complex with commercial space, which is expected to house a CVS Pharmacy (as seen in artist rendering above-left.)

Leo Addimando is Managing Partner Alterra Property Group, LLC. He says his firm has been holding regular meeting with business and community members to keep them in the loop with plans as well as the historical commission.

"All of the Market Street facade, the new buildings and the existing buildings will all look very similar to what the buildings looked like in the 1800's," he says.

Addimando says the project is not fully approved but is expected to go through in the coming weeks. It will take 15 months to complete at the cost of an estimated $20 million.

Many say they support corporate stores in the district because of the convenience -- and then there are those who say it's acceptance with reluctance when it comes to corporate stores mixing with mom and pop shops.

"Times are changing," said one area resident, "and I think that we have to just change with it."

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