We made it down to South Philly on this wonderful summer day to check in on a site that some of you may be wondering about. Besides the unbearable heat, we had a great time walking the streets of beautiful Bella Vista.
The site we had our eye on was the corner parcel at 769-775 South 10th Street. The low-rise building on the site was recently home to a WSFS bank. Before that, it was a Beneficial Bank and before that was a Conestoga Bank (did we miss any?). However, the building is now vacant and the bank sign has been removed from the building. If we had to make an educated guess, we don’t think another bank franchise will be opening up on the property as there are some major changes in store for the corner.
A zoning permit was issued earlier this week for a 4-story, 18,187 square foot building on the site with 13 residential units, 2,586 square feet of ground floor commercial space, 5 bicycle stalls, and a roof deck on the 4,478 square foot CMX-2 zoned parcel.
The project will utilize the low income housing bonus in order to achieve 4 additional units and an extra 7 feet in height. There will be a landscaped courtyard along the west side of the building. We don’t have many more details about the project and have not seen a rendering.
However, we’re happy to see plans in place to develop this site. The bank had a small surface parking lot in the back, which we’re definitely excited to see go in such a walkable part of South Philadelphia. It’s also great to see an additional 13 homes added within such a desirable neighborhood. We’re looking forward to seeing what kind of business opens up in the new commercial space.
How do you feel about this project? What kind of business would you like to see move in? Maybe a bank?
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