Over the last five or so years, we’ve seen development from Fishtown make a strong push outward into South Kensington, East Kensington, Olde Richmond, and even further. Only a few years ago, there was not a ton of new construction north of York Street in Kensington. Now, hundreds of units are under development and more projects are in the pipeline in this section of Philadelphia. Development has pushed all the way up to Lehigh Avenue and beyond, which seemed unfathomable just a short time ago.
With developments such as the Riverwards Group’s Kensington Courts project at Frankford and Lehigh being so successful and land prices south of Lehigh Avenue becoming so expensive, it was only a matter of time until development jumped the tracks. There are now several projects in the pipeline north of Lehigh Avenue that will transform blighted lots into activated spaces for hundreds of new residents.
One of these significantly-sized development sites recently became available for sale. 2740 Amber Street is an approved 132-unit development site located just 0.3 miles from the Market-Frankford Line subway station, steps away from major bus routes, and a short drive from the Interstate 95 on ramp. The site is also walkable to all of the restaurants and amenities in Fishtown and East Kensington. The approved building features a unit mix of one and two bedroom apartments along with 47 automobile parking spaces, 58 bicycle stalls, a rooftop deck with Center City skyline views, and an on site gym.
The property is available for $2.5 million, one of the most attractive prices per unit in all of Philadelphia for an approved development site, and will see extreme appreciation as the surrounding parcels continue to be developed.
Reach out to Kyle McShane, the listing agent for the property, via email at Kyle@AgentPHL.com for the full offering memorandum and for more information about the opportunity.
Just as many people could not imagine so much development happening north of York Street five years ago, some people will discount the potential of this section of Kensington. They will kick themselves in the coming years as commercial and residential development continue to push northward along Frankford Avenue and the El.
How do you feel about all of the development planned north of Lehigh Avenue? What kind of businesses would you like to see open in the neighborhood as more residents move to the area?
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