Back in October of 2020, we told you that Arts and Crafts Holdings was planning on building a 146-unit building on the site of a surface parking lot on the northeast corner of 8th and Spring Garden Street at 741 Spring Garden. Take a look at that article for details about the project.
In summary, the building will rise 7-stories and will include 146 residential units, 29 parking spots, 72 bike spaces, a roof deck, and a green roof. A 3,361 square foot commercial space will be located on the first floor on the corner of 8th and Spring Garden. A green space and small dog park will be located along Perth Street.
We learned from the commercial building permits that were issued after we published our article that the retail space will be used as an eating and drinking establishment. We’re not sure if that is still the case as those permits were issued at the beginning of 2021.
If you go by the site today, you’ll notice that the parking lot has been eliminated and that steel for the new building has reached the third story.
We’re happy to see this project get underway and look forward to watching its continued construction. We must say, 146 homes and a commercial space is definitely a higher and better use for this property than a surface parking lot. This development will aid in the continued resurgence of the Spring Garden corridor. Word on the street is that we may also finally get that Spring Garden Greenway, which will transform this stretch of Spring Garden Street into a greener, more pedestrian and bicyclist friendly route, thanks to a recent $1 million grant from the state.
What do you think about this project? Would you like to see a restaurant open in the commercial space? If so, what kind?
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