With low interest rates and strong sales numbers, some developers think right now the market is ripe with building opportunity. Like, Lawrence Rust, of Rust Real Estate, who’s been pushing for the Spring Arts nomenclature to catch for his area like he patented the phrase.

Rust recently started construction on three more single homes in his 21-unit Phase II development of Spring Arts Point, the project we last told you about in April. Framing is completed, and masonry work is set to begin soon at 924-928 Mt. Vernon St.

Framed out

“It seems to me we’ve kind of gotten past the economic shock,” said Rust about the downswing of 08.

Phase I of this project sold out by 2008. Two of the first three homes, 920-22 Mt. Vernon, constructed in Phase II have settled, for around $320K. 918 Mt. Vernon is still available. 924-928 Mt. Vernon will feature green roofs and a Carrier HVAC system, whereas the previous homes were designed with mechanical closets on the second floor, now they are unnecessary. With a projected February completion, they will start at $339K.

Rust cited developments like Blatstein’s North Broad vision and the success of Union Transfer as indications the area is becoming more attractive.

“Is there area getting traction?” Rust said. “No doubt about it.”

Closer look

We imagine a day where Spring Arts, or whatever anybody calls it, serves as the connecting neighborhood between Northern Liberties and a reenvisioned North Broad. For pedestrians, it’s a few iPhone tunes away from Center City shopping and eats, as well as the Broad Street Line. If anything, Rust is demonstrating an understanding of patient residential developing. From here, he plans to build on through and complete Phase II. It’s clear that the area is fast changing, and Rust is right on the front lines.

–Lou Mancinelli