In 2002, New Kensington Community Development Corporation (NKCDC) acquired the lot at 2318-26 E Susquehanna Ave in Fishtown. The NKCDC used the vacant lot for the storage of construction equipment and supplies up until last summer. As home prices and amenities in Fishtown have skyrocketed over the last 10 years, equipment storage was no longer the highest and best use of the parcel. The NKCDC realized the increased value of their asset and decided to put the lot up for sale last June.
In August of 2018, 2318-26 E Susquehanna Ave was purchased by developers for a price of $875,000. The development team proceeded to obtain a zoning variance that allowed them to adjust the lot lines and move forward with building 5 single family houses. The homes are already well under construction with windows already installed in three of the five units.
The Riverwards Group is leading the development of this project dubbed The Residences at Susquehanna. The homes will each have 3 bedrooms, 2.5 baths, and a rooftop deck. Currently, one of the homes is listed for sale at a price just under $600,000. We expect prices for the other units to rise as construction is completed and units begin to sell. The project is being marketed by The Somers Team.
One part of this project that we really appreciate is that the developers are saving the mature street trees. This will keep the block looking quaint and will also likely help attract the premium sale prices that The Riverwards Group and The Somers Team are aiming for. With these houses being around the block from Riverwards Produce, Over Easy Breakfast Club, Soup Kitchen Cafe, the Tired Hands Biergarten, ReAnimator Coffee, and Loco Pez, we don’t think they will have a hard time finding buyers.
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