South Kensington continues to develop. It seems like every block you stroll down from Front St. past 6th St. between Berks and Girard has some sort of construction happening on it. From fix and flips and new single family homes to large multi-family and mixed-use projects, it is all happening in this section of Philadelphia.
We brought you the amazing office and commercial adaptive reuse project at Billy Penn Studios earlier this year. Just across the street at Randolph and Oxford St., another significant project is under construction.
528-40 W. Oxford St. is a 7,123 square foot Industrial Residential Mixed-Use (IRMX) zoned lot that was acquired by its current owners in 2017 for $750,000. This price looks like a bargain today as the surrounding neighborhood has continued to develop and because of the amount of units that are allowed by-right.
Construction is already well underway for a 6-story, 60 foot tall, 30-unit building with ground floor commercial space, and 10 car parking spots along with an elevator and roof deck. A handsome old building on the site was demolished years ago. Foundation work has started and we expect the project to start rising out of the ground soon.
Before this lot was purchased by the current owners, there were plans to build 7 single family homes on the parcel. We think the mixed-use plan is a much higher and better use of the land. This structure will provide homes for more people and will add a commercial space to a growing section of the city. These new homes will likely be rental apartments, which will cater to people who may not be in a position to buy one of the expensive new construction single family homes that are getting built all over this area.
How do you feel about this project? What kind of business would you like to see move into the commercial space?
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