If you read our articles often, you know that we’re not big fans of surface parking lots, especially when they’re close to public transit within the urban core. Over the last several years, we’ve seen multiple Center City surface parking lots developed with more currently in the planning stages of development. Let’s add another to the list.
Developers are proposing a 7-story, 51,623 square foot building with 66 residential units, ground floor commercial space, 18 automobile parking spots, and 28 bicycle stalls on the CMX-3 zoned, corner site at 36-42 S. 2nd Street in Old City. The property is currently being used as a surface parking lot. Zoning permits were issued earlier this week to consolidate the parcels and for the erection of a building as described.
We don’t have too much more information about the project and have not seen renderings yet. However, we hope that the development team does not place the parking entrance on 2nd Street. The parking lot and curb cut have interrupted the pedestrian experience on 2nd Street for long enough and we’re hopeful that all of this project’s 2nd Street frontage will be activated with commercial usage.
Overall, we’re extremely excited to see that plans are in place to develop this parking lot, to add residential density within the urban core, and to add another commercial space along the 2nd Street corridor. How do you feel about the proposal and what type of business would you like to see open in this section of Old City?
UPDATE: Renderings are now available for the project. What do you think?
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