Norris Square is a neighborhood just northwest of the Berks St. El stop that has seen development start to trickle in over the last few years. The momentum from Fishtown, Olde Kensington, and East Kensington has begun to spread into this transit-accessible neighborhood centered around an amazing park. Norris Square Park is a gigantic public park with a ton of grass and mature trees. The park is lined with old brick mansions and is one of the larger parks within the city grid.
About a block west of the park, a warehouse at 2155-61 N 2nd St. has been used as an auto repair shop for more than a decade. There are a bunch of other auto-related businesses on this stretch of N. 2nd St., so this use has made sense. However, as rents in the neighborhood have increased, it looks like the owner is looking to pursue a different use for the property.
City records show that new owners purchased 2155-61 N 2nd St. in March of 2018 for $350,000. The parcel is over 9,200 square feet and is zoned CMX-2, so this seems like a fantastic price. The owners received zoning approvals on April 17th for the demolition of the warehouse on the lot and the erection of a new four-story building. They also merged two RSA-5 parcels with the lot the warehouse stands on. The new structure will include ground-floor retail, 31 residential units, 5 car parking spots, and 11 bike spaces. We have not seen any project renderings, but if anyone out there has them, please send them our way.
We are excited to see this residential density being added so close to the El. Residents will be a short walk to either the Berks El stop or the York-Dauphin Station. There are a bunch of other dense projects that have broken ground or are in the pipeline surrounding this property. We look forward to observing how the market absorbs these new residential units and are interested in seeing what retail businesses sprout up to support the new residents. What kind of businesses do you think Norris Square needs?
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