The Wright Cottage at 404 Fountain Street in Roxborough was designated to the Philadelphia Register of Historic Places in June of this year because of its distinctive architectural style after being nominated by the Ridge Park Civic Association and the Keeping Society of Philadelphia. The structure, originally built in the 1850’s, was most recently used as a plumbing and heating office.
The property that the building sits on is much larger than the footprint of the historic structure itself. At 20,341 total square feet, the RM-1 zoned parcel can accommodate a significant multifamily building by-right. Because of the recent historic designation, the Wright Cottage will thankfully need to be preserved, but the rest of the lot is able to be built on.
We now have an idea of what is in store for the property after a zoning permit was issued for the property last week. Developers are planning a detached structure with 55 residential units. The project will utilize the green roof bonus. We imagine that the non-historic buildings on the back end of the parcel will be demolished.
We look forward to seeing renderings of this project and examining how the new structure will interact with the Wright Cottage. If the aesthetics of both buildings work well together, we will be happy to see this underutilized piece of land get developed and 55 residential units added within Roxborough.
How do you feel about this project? Are you happy to see the Wright Cottage preserved?
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