If you’ve take the El through West Philadelphia, you’ve probably noticed the hulking beige building on the north side of the 5500 block of Market Street. The 29,760 square foot structure bears the name of the Advance Storage Co., but historical maps indicate the building was originally a power house.
The 5,012 square foot CMX-3 zoned parcel at 5521-23 Market Street traded hands in 2017 for $650,000 and we figured some kind of adaptive reuse would be in the works shortly thereafter. More than 4 years later and there has been no movement on the site that we are aware of.
Something may be happening in the near future, though. Zoning permits were issued earlier this week for the adaptive reuse of the building. The owners plan to convert the structure into 58 residential units plus ground floor commercial space.
We’re excited to see this beautiful building get a new life and for some residential density to be added so close to the Market-Frankford Line. Hopefully, the projects moves forward soon.
How do you feel about this plan? What kind of business would you like to see open in the commercial space?
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