We’ve been preaching about transit-oriented development and about peoples’ desire to live near quality public transportation for years. As mentioned many times in the past, development in Philadelphia seems to follow the subway lines. Over time, neighborhoods further and further out from Center City seem to attract the interest of developers.
In the Fishtown and Kensington area, we’ve told you about several projects that amount to hundreds of new units around the Berks El Station. Most of the large developable parcels directly surrounding the Berks El Station and south of it have been secured by developers with plans on the horizon. The blocks north of Berks St. and the area surrounding the York-Dauphin Station has more recently seen several development proposals, with hundreds of units under construction and in the planning phases. This area reminds us a lot of the area near the Berks Station about 7 years ago. There are a ton of vacant and blighted buildings and it’s still a little rough around the edges. However, the area is prime for explosive growth and development over the next decade because of its proximity to the train station and to Fishtown’s Frankford Avenue.
Just south of Dauphin St., another significant project is planned. 2226-34 N. Front St. holds a 1-story commercial building with 5 storefronts. A barber shop and a tattoo parlor currently operate out of the building. The 1-story structure with no residential uses is definitely an underuse of the CMX-2.5 zoned assemblage in today’s climate. Developers saw value in the property and purchased it about a year ago with redevelopment on their mind.
The new owners are planning a 55 foot tall building with 22 residential units, ground floor commercial space, a green roof, and a roof deck. The 5 parcels have already been consolidated and permits for demolition have been pulled. With at least two businesses still operating out of the space, we are not sure when demolition will actually move forward.
Several other large developments and infill projects are planned right near 2226-34 N. Front St. Stay tuned to hear about some of those other developments that are in the pipeline.
How do you feel about this project and all of the development happening under the El?
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