A local developer plans to break ground on a new mixed-use project in Philadelphia’s Fairmount neighborhood later this month. The development replaces a former Rite Aid location at 20th Street and Fairmount Avenue.

Yoav Shiffman acquired the property through Rite Aid’s bankruptcy auction, creating a new redevelopment opportunity. The project will deliver 28 apartment units alongside nearly 9,000 square feet of street-level retail space. Developers designed the three-story building to activate the corridor and support neighborhood foot traffic. Construction will span two adjoining parcels at 1924–40 Fairmount Avenue.

Together, the lots total more than 15,000 square feet in a prime urban location. Rite Aid filed for Chapter 11 bankruptcy in October 2023 and again in May 2025. The pharmacy chain closed all remaining stores by October, freeing high-visibility retail sites citywide.

As a result, developers continue to target former Rite Aid properties for adaptive reuse projects. This Fairmount redevelopment reflects growing demand for apartments and neighborhood-serving retail in Philadelphia.