About a week ago, we wrote about a 48-unit, mixed-use project that is underway in Ludlow between Marshall St. and 7th St. on Girard Avenue. Just behind that project, another new building is topped out and moving towards completion at 1222 N. Marshall St.
1222 N. Marshall St. is a 6,081 zoned residential multifamily (RM-1) zoned parcel. The project currently underway is a 4-story, 20-unit building with a green roof and a roof deck. The development is being built by-right on the site of a formerly vacant lot by utilizing the green roof bonus and the moderate income bonus.
The development team is using the green roof bonus in order to be able to build an additional 3 units. They are using the moderate income bonus in order to increase the unit count by 4 and to build 7 feet higher than what is allowed on RM-1 zoned properties without a bonus. In order to attain the moderate income bonus, the development team is paying approximately $122,000 into the housing trust fund. That money will be used to build affordable housing around the city.
We think this is a great project. 20 homes are replacing a blighted lot in a growing section of Philadelphia on a property that is a half of a block from the trolley station. These new residents will help fuel new and old businesses along the Girard Avenue commercial corridor. On top of all of those positive aspects of the project, $122,000 will be added to the city’s budget for building affordable housing. This development really seems like a win win to us.
How do you feel about the project?
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