We’ve told you that the corner of 2nd and Cecil B. Moore Ave. in Kensington has multiple projects planned for it. We reported on the 93-unit mixed-use project planned for the northeast corner and on the 3 projects totaling 43 units and multiple retail spaces on the southeast corner.
Let’s add another project to the mix. Back in April of 2017, developers purchased the 18,966 square foot ICMX zoned parcel at 1712-28 N 2nd St. for $1.4 million. As Industrial Commercial Mixed Use (ICMX) does not permit residential use by right, we imagine that the sale only happened after a variance was approved for the property. Two months earlier, in February of 2017, the project went before the Zoning Board of Adjustment (ZBA) aiming to build 56 units and 26 parking spaces. The ZBA approved the plans with provisos.
In March of 2017, we got a better idea of what changes the ZBA required when use permits were pulled for a 54-unit project with 25 car parking spots and 30 bike spaces. 14 of the units will be housed within 7 duplexes along N. Philip St. while a 40-unit building will front 2nd St. The renderings and project information presented before the Civic Design Review (CDR) in 2017 included a retail space along 2nd St., but we do not see the retail space mentioned in the use permits.
The 1-story sheet metal warehouse that previously occupied the site was demolished in the beginning of the summer. New construction permits for the duplexes were pulled in June and the homes are already under construction. Foundations have been poured and framing should follow shortly. We imagine that these units will sell quickly and at a nice price point if other nearby recent sales are any indication.
We look forward to the 40-unit building moving forward in the near future and hope that retail space is included on the ground floor. We wish that the drive aisle would have been placed on N. Philip St. rather than on 2nd St. where pedestrians and bicyclists are more common. Otherwise, we appreciate the density that this project will bring to the N. 2nd St. corridor so close to the El.
How do you feel about this project? Could you have imagined just 5 years ago that all of this activity would be happening at 2nd and Cecil B. Moore Avenue? How long do you think it will take until Cecil B. Moore is built out from Front St. to Broad St.? Development has already reached 5th St. and beyond. Only time will tell.
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