It looks like there’s time to report on one more significant project in West Philadelphia before the year is closed out. Permits were issued back in September for the consolidation of a bunch of CMX-3 zoned parcels on the south side of Spruce Street between 47th and 48th Streets. The properties include 4746-48, 4744, 4742, 4734-40, 4732,
4730, 4728, and 4726 Spruce Street as well as 301 South 48th Street. 301 South 48th Street was the site of an old gas station while the other properties were a strip of low rise connected retail buildings. Combined, these properties add up to just under 25,000 square feet of land.
We now know what is being planned on the site. A zoning permit was issued today for a 13-story, 198,841 square foot building with 181 residential units, nearly 37,000 square feet of commercial space, and 30 underground parking spots. The commercial space will be located on the first and second floors. The building will also have 3 roof decks.
The development team is utilizing the low income housing bonus for the project. Because of the size of the project, the development team will need to appear before the Civic Design Review (CDR) for non-binding feedback before breaking ground, but it can otherwise proceed by-right. We imagine the project will be presented before the CDR within the next few months at which time we will get to see renderings of the building.
How do you feel about this project? Will a 13-story building fit in at this location?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property