Transit-oriented development is taking root in Philadelphia. Vacant lots and underutilized buildings near subway stops are getting turned into multi-family and mixed-use projects on a regular basis throughout the city. It boggles our mind how there’s been a huge 10,412 square foot CMX-4 lot less than two blocks from the Broad and Girard station sitting vacant for so long.
The lot sits at 1309-25 Cambridge St., just south of Girard Avenue and just east of Broad St. on the northern edge of the Richard Allen Homes in West Poplar. People who are into the arts and that like to party may know the lot as being right next to Warehouse on Watts.
It looks like more than just weeds will be growing from this lot soon. Permits were pulled in January for the erection of a 5-story, 68 foot tall building with 46 residential units, a roof deck, 15 car parking spots, and 12 bike spaces. The parcel was sold in February for $1.4 million. The current project is slightly larger than previous proposals for the site that entailed 32-34 units and more parking spaces.
We love to see this kind of density so close to the BSL and within walking distance to Center City – especially on a vacant lot. The North Broad corridor continues to evolve with several projects proposed and underway. Before you know it, Girard Avenue will be filled in with new projects all the way from Front St. to Broad St., increasing ridership on the trolley.
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