The border of Fairmount and Brewerytown contains two large vacant lots between 26th and 27th St. that have prevented a seamless transition between the two neighborhoods. The fields of grass mark the end of the high-end Fairmount and the beginning of emerging Brewerytown. These long-blighted lots create a real barrier between the two neighborhoods.
It looks like one of the lots will finally be developed. The 11,726 square foot CMX-2 zoned parcel at 2601 Poplar St. was purchased in March for $1.75 million. In April of this year, we heard about plans by North Broad Living for a 130-unit mixed-use project that would take advantage of the Federal Opportunity Zone Program. After neighborhood pushback, the plans changed slightly.
The developers were granted zoning / use permits this month to erect a 108-unit building with 12,000 square feet of retail and 51 parking spaces. The 55-foot-tall project required density and height variances and will include a green roof.
Although we wish we were getting 130 units on this property instead of 108, we are content with the outcome. A previous proposal in 2016 on this parcel was for a 75-unit apartment building. A more recent plan was for 23 townhouses. We will take 108 units over either of those projects. The rendering provided in this article was for the 130-unit proposal, but we imagine the developers will pursue a similar design. We think it is attractive and will fit into the neighborhood. We recently told you about a 14-unit mixed-use building rising on Girard Ave. directly behind 2601 Poplar. If the owners of 2601 Poplar pursue a similar design to the renderings we provided, we think these two buildings will work well together.
How do you feel about this project? Do you think there is too much parking? What kind of retail operators would you like to see open up shop here?
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