Back in 2020, we told you about a 157-unit, mixed-use plan for the site of Anastasi Seafood and the vacant lot behind it on the southeast corner of 9th and Washington in the Italian Market. At that time, there had been on and off plans to develop the property for more than 5 years. Although the site has been fully entitled since late 2020, there was no action on the site until recently.
We had a feeling something may have been brewing when Anastasi Seafood vacated their long-time location earlier this year and moved just north of Washington Avenue to 1039 South 9th Street. The wrecking ball then finally hit within the last week. Now, today, the former seafood shop is completely demolished and there is heavy machinery on the site.
As a reminder, this will be a 7-story, 157-unit building with more than 15,000 square feet of ground floor retail space and 120 underground parking spaces. Overall, the renderings depict an attractive, industrial-style building. Our main complaint is that the drive aisle for the parking garage is located along the Italian Market on 9th Street and will likely interrupt pedestrian flow.
We think the extra residents that this project will attract to the neighborhood will help bolster the businesses in the Italian Market. The development of the vacant portion of the site will also help make this section of the Italian Market more inviting as the long-standing blank wall will be eliminated.
How do you feel about this project? Are you happy to see development proceed here or do you think a 7-story building is out of place?
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