Development continues to accelerate in Fishtown as vacant lots and old industrial buildings are replaced with residential and mixed-use projects. About a month ago, we speculated that demolition was on the horizon for a car wash on Frankford Ave. Plumbing permits were pulled to seal the sewage lateral, which usually means that demolition will happen in the near future. The car wash still stands at 1868-74 Frankford Ave., but the building has been decorated with orange demolition notices for a couple of weeks now.
We have been wondering how dense of a project the owners would pursue on the 8,640 SF, CMX-2 zoned parcel that sits within a qualified opportunity zone. Now, we have our answer. Permits were just pulled two days ago for the construction of a 5-story, 21-unit building with a fresh food market on the first floor and 8 bicycle spaces. Developers are utilizing the fresh food market bonus, which gives them the ability to build 15 feet higher than they could have without the bonus. The structure will rise to 53 feet tall. They are also utilizing a green roof bonus, which allows additional residential density. From our calculations, the owners would have been able to pursue a 17-unit project by-right without the bonus.
It will be interesting to see what kind of fresh food market the owners will be able to attract. Riverwards Produce is a stone’s throw away from the development site. Riverwards has an amazing selection of produce and groceries and has already gained the loyalty of the neighborhood. So, we look forward to seeing how this situation plays out.
How do you feel about the loss of the car wash and the addition of 21 more residential units to the neighborhood? Do you welcome another food market to the neighborhood?
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