New apartments to replace former Jimmy G's Steaks on N Broad Street

Luxury apartments will soon take over the former Jimmy G's Steaks location that closed last year on North Broad Street.

What's happening: Philly Capital Group (PCG) is gearing up to tear down the 1920s building at 689 N Broad St. to build 20 residential apartments and 1,400 square feet of retail space.

• The estimated $5.8 million project is slated to begin in the coming months.

Details: A new five-story building with first-level retail space, dubbed The McDermott, will be centered between Temple University and City Hall, near the Fairmount SEPTA station.

• The project's name pays homage to a tavern that was located there in the early 1900s.
• Amenities: elevator, parking, a green roof and rooftop community space.

The big picture: North Broad is in the midst of significant change and development after decades of limited investment and stagnant growth.

• New restaurants, bars and businesses have popped up, and the area has seen the addition of more than 1,800 residential units in recent years.
• Developers are expected to add 3,000 more units to the area, as well as 500,000 square feet of office space and 250,000 square feet of retail space, according to nonprofit North Broad Renaissance.

What they're saying: "We've been excited about that area. There's a changing of the guard happening" in the area, said Sal Siddiqui, a co-developer on The McDermott project.

What's next: The development has a tentative completion date of summer 2023.

• No retail tenants are secured yet, but PCG aims to look to fill the space with Philly businesses first, Siddiqui said.