We thought development was already getting crazy in the Riverwards. One of the biggest proposals in recent memory just got released for the vacant waterfront parcel next to Graffiti Pier. This gigantic CMX-3 zoned, 138,321 square foot parcel at 2001 Beach St. will give way to 1,336,689 square feet of development. You heard that right – more than 1.3 million square feet!
The development will include 1,096 residential units, commercial space, office space, a residential amenity building, a community center, 541 bike spaces, 1,210 car parking spots, and an extension of the Delaware River trail. The residential units will be dispersed over several buildings and townhouses.
- Building A: 7-story building with commercial space and offices on the 1st floor, 300 residential units on floors 1-7, and 241 parking spots on floors 1-2
- Building B: Residential amenity building
- Building C: 7-story building with 162 residential units on floors 1-7 and 146 parking spots on the 1st floor
- Building D: 7-story building with 250 residential units and 241 parking spots on floors 1-7
- Building E: Community center with 10 parking spaces
- Building F: 136 residential units and 116 parking spaces
- An additional 248 townhouses with 390 parking spaces
We are blown away by this proposal. We did not expect any residential use to be proposed for this lot any time soon. The lot is cut off from Fishtown and Olde Richmond by a huge shopping center, the massive new I-95 interchange, and Richmond St. A few low-rise industrial buildings sit between I-95 and the project site. This site is not pedestrian friendly at all and is a far walk to any train station. We can understand why the developers are including so many parking spaces as this is not a transit-oriented site.
We are interested in seeing how the community feels about this proposal. Since it is being built on a vacant lot, it will not be displacing any residents. Also, since the site is so isolated, the project will not add competition for parking spaces within the neighborhood.
If this project actually happens, we expect it to be developed in several phases over years. We are also aware of some environmental remediation that will need to happen before anything can be built on the site. This area was once a shipyard and industrial area. Since it is on the edge of the Delaware River, the developers will need to be cognizant of the flood plain. You’ll notice that no basements are included in the proposal.
We are really blown away by this proposal. Will this be its own new neighborhood? Let us know what you would call it and how you feel about this plan.
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