The gas station at 244-58 N. 2nd St. in Old City doesn’t seem to be serving too much gasoline these days. The pumps have been removed and the property is now being used strictly as an auto body shop.
It looks like the low-rise building and surface parking lot that make up the gas station property will be replaced by something more residential in the future. Zoning permits have been issued for the demolition of the gas station structures and for the construction of eleven 4-story townhomes with cellars, roof decks, and two car garages. We imagine these will be large homes that will command seven figure sales prices.
We are definitely happy to see that the gas station and surface parking lot are being replaced by homes. However, a much larger building with more residential units and a retail space could be built on this 13,455 square foot CMX-3 zoned parcel by-right. 11 urban mansions likely just pencil out better financially for the developer than an apartment or condo building.
How do you feel about this proposal? Do you think 11 towhomes are a better use of this property than a gas station? Would you have rather seen an apartment or condo building pursued on this site?
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