723 N. 6th St is a 8,744 Industrial Residential Mixed-Use (IRMX) parcel on the western edge of Northern Liberties. The property has held a large one-story warehouse with multiple retail storefronts. The building was most recently home to a kitchen cabinet refacing operation, a small grocery store, a fitness center, and an office for another business. The property was sold to developers in April for $2.5 million.
In 2016, the former owners were pursuing a 26-unit development for the property with a commercial space and 14 parking spots included. A zoning variance was provisionally granted. Plans shifted in 2018 when use permits were pulled for a 6-story, 45-unit building with artist studios in the basement and on the first floor. We thought this was a much better approach.
It looks like the new owners are switching things up again with a hybrid of the first two plans. New construction permits were pulled earlier this month for the erection of a 6-story, 35 residential unit building with non-residential uses on the ground floor. 14 surface parking spaces are also included. The project is being led by Trinity Realty Companies. When we went by the job site for pictures, a representative of Trinity mentioned that the old 45-unit plan included extremely small apartments. Trinity is constructing larger living quarters and will be marketing the units for sale as condos.
It seems like the third time will be the charm at 723 N. 6th St. The warehouse is already in the midst of being demolished and Trinity is a development company that gets projects done. We reported on one of their projects at 1540 Ridge Ave. in May. Trinity also recently completed the Penn Treaty Residences, a 30-unit mixed-use condo building in Fishtown.
We think the project at 723 N. 6th St. is a higher and better use of the generously-zoned parcel than a one-story warehouse. 35 more residential units in the neighborhood will help bring additional eyes to the street and customers to local businesses. We look forward to seeing what type of use will be employed on the ground level. In other IRMX developments, we have seen artist studios included in order to satisfy the industrial use requirement of the zoning classification. Many artists have been pushed out of Northern Liberties over the last several decades as warehouses have been demolished and new construction buildings have risen. So, it would be nice too see space for Philadelphia’s maker community included in this development.
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