We always thought the strip mall on the northeast corner of 2nd and Christian was out of place among the otherwise pedestrian friendly neighborhood of Queen Village. The low-rise building and surface parking lot never made much sense to us on such a large, commercial mixed-use site. However, with 711 (and at one time WaWa) as an anchor tenant, the owners have likely been able to sit back and collect a healthy rent roll for years without having to undertake the risks of development.
Well, it seems like the balance has shifted and the rewards of development now outweigh the risks in the minds of the owners. Just this week, zoning permits were issued to partially demolish a 1-story section of the building, add a 2-story addition, and build a new 3-story structure on the site. The project will include 28 residential units, a convenience store, other commercial spaces, and 6 accessory off-street parking spaces.
In our opinion, the redevelopment of this site is a long time coming and we are surprised the current building has survived so long. We would have actually liked to see a denser project on this 14,497 square foot CMX-2 site. By our calculations, the owners could have built 29-units by-right and closer to 40 units with bonuses. Any variance request for a taller or denser project would have likely been met with resistance from nearby neighbors.
This project will be a big improvement for Queen Village. More homes will be available in the neighborhood for people, the commercial spaces will be maintained, and it looks like 711 will stick around too. We look forward to seeing the renderings and examining additional details when available.
How do you feel about this 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