Quarters, a coliving company apart of the Medici Living Group, announced that it will be opening its newest location in Philadelphia.
Quarters will have a long-term master lease on North American Street with the six-story building’s owner, Spain Property Group. It is expected to open by the end of this year.
With 186 residential units across 74 apartments, the 60,000 square foot building will be Quarters’ largest in the U.S. After raising $300 million in a fundraising round, Quarters is looking to expand even further.
Schmidt said that Philadelphia was one of the first choice thanks to its university system and tech pipeline. In fact, just one block away is the Piazza at Schmidt’s, which contains a WeWork location and the headquarters of homegrown software company Seer Interactive.
Bart Blatstein, the Piazza’s developer, said that plans for the Piazza Terminal is set to break ground later this year and will include about 1,200 apartments.
Although the area is seeing a boom in residential developments, Schmidt said he is confident in Quarters’ ability to appeal to millennials, as its rent is about 10% to 20% lower than the average one-bedroom unit in the neighborhood.
“The idea is really to have hundreds of locations around the globe, so you as a member can move from building to building,” said Schmidt. “If you’re already in the Quarters network, we want to take care of you.”