Almost exactly 3 years ago, we told you that building permits had been issued for a 6-story, 132 unit building with 60 car parking spots in the basement level, 50 bicycle spaces, a leasing office, and ground floor retail at 4224 Baltimore Avenue. At that time, there had already been multiple plans for the site and ongoing negotiations with the nearby neighbors for more than 6 years. We thought that the issuance of construction permits 3 years ago was a sign that the project was finally going to move forward. We were indeed wrong as the land sat vacant and blighted until just recently.
A few months ago, work finally started on the site. Today, if you walk by the corner of 43rd and Baltimore Avenue, you’ll see a major construction site. Because of the grading of the land, there are retaining walls constructed on the south and east sides of the property. Pictures do not do the size of the site justice. We imagine that foundation work will begin soon and then the structure will begin to rise.
One of our favorite aspects of this project is that it includes more than 15,000 square feet of commercial space. Roughly half of the commercial space will be located along the corner of 43rd and Baltimore while the balance will front St. Marks St. and Baltimore Avenue.
How do you feel about this project? Are you happy to see something finally built here. What kind of businesses would you like to see open in the commercial spaces?
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