We have recently told you about 3 projects in the Gayborhood just west of the Jefferson Hospital complex. A hotel is replacing the Midtown II restaurant. Around the corner, a Wendy’s is due to be demolished and development is imminent. Near 12th and Chestnut, a 49-unit mixed-use building is set to rise.
We now have another project to tell you about in the neighborhood. In 2016, Brickstone acquired the 455-spot parking garage that sits on the 26,550 square foot CMX-5 parcel at 123-27 S. 12th St. This property is nearly the width of a whole city block. It is located right behind Brickstone’s 112-unit mixed-use development that includes a Target at 12th and Chestnut.
After Brickstone purchased the parking garage, we heard rumors that the company wanted to build a residential tower and a hotel / office combo tower on the site. Cars have continued to park in the structure over the last three years and we had not heard any news about the development until this week.
On June 25th, permits were pulled for the construction of a 300-unit mixed-use building with 80 bicycle spaces and an 84-car parking structure at 123-27 S. 12th St. 60 of the 300 units are planned to be part of a personal care home. The other 240 units will be independent living units.
We have not seen any renderings of the project and are not sure if it will leave space for a second tower. We would have liked to have seen the parking spaces be located in an underground garage. However, the planned parking ratio is much better than the current situation (455 spots with no other uses included).
Now, if we could just see some development at the site of the recently-muralled garage across 12th Street….. and on the surface lot across Moravian Street….. and on the surface lot behind the Target. In all honesty, we are just happy to see one of the four car storage areas within this quarter-block radius get eliminated. 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