We have been telling you that Norris Square is a neighborhood that should explode with development over the next five to ten years. It is already happening. Vacant lots and under utilized buildings are being converted into residential and mixed-use developments. The largest project we have covered in Norris Square is the $28 million, 142-unit project at 2nd and Norris St. There are many other projects scattered throughout this area.
It looks like another mega-project is in the early stages of development. Four blocks north of the $28 million project, a 102-unit development has been proposed at the northeast corner of 2nd and York Street. The proposal also includes 44 parking spaces and a roof deck. It is being called Oakmont. This project is the northernmost project we have covered in Norris Square.
The more than 30,000 square foot lot encompasses 19 tax parcels. A nearly 11,000 square foot single-story warehouse and a large empty lot currently occupy the project site, which is primarily zoned CMX-2, but has some RSA-5 and ICMX components.
The project has a date before the Zoning Board of Adjustment (ZBA) on October 23rd. It will also have to appear before the Civic Design Review (CDR) before it can proceed with ground-breaking. We are excited to see this kind of residential density added to the northern section of Norris Square. However, we would have liked to have seen retail spaces included in the proposal as this is a commercial mixed-use corner property. The square footage being devoted to parking could be better-served for retail spaces as this project is a 0.3 mile walk to the York-Dauphin El Station.
How do you feel about this project? Do you appreciate the density that it will bring to Norris Square? Would you like to see retail on this corner?
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