423 N Front St. is an oddly shaped triangular lot on the river side of Old City that has sat vacant since about 2009. Before then, a blighted garage stood on the lot.
New construction has cropped up across the street and all around this lot in the last 10 years. So, it was only a matter of time until 423 N Front St sparked interest from a developer.
The lot changed hands in August of 2018 at a sale price of $350,000. This seems like a high price for a single lot that is restricted by its shape. However, prices for new and updated homes in this area are going well over $500,000.
The lot received zoning approval for two new single family homes with roof decks. Streamline Group is developing the parcel and broke ground in February. Streamline has built a ton of new construction homes in Philadelphia over the last several years and have some other major projects in the pipeline that we hope to cover in the near future.
As you can see, these homes are already well under construction and will likely top out soon. Let us know if anyone out there has renderings or if you are looking to buy a new construction home near everything the Delaware River and Old City have to offer.
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