The area to the east of the York-Dauphin El Station continues to develop. There are multiple new construction projects and rehabs happening in the area. There are also a bunch of massive vacant lots and under-utilized industrial buildings in the neighborhood. We see these as huge opportunities for future development. We recently told you about a 147 unit plan on a nearly 31,000 square foot Industrial Residential Mixed-Use (IRMX) zoned lot at Hagert and Emerald Street. The gigantic lot across the street was also pending sale last time we checked in on it.
Just south of these two lots is 1836-1844 E. York St., a 5,233 square foot CMX-2.5 zoned vacant parcel that sits within a Federal Opportunity Zone. Developers purchased the property in November of 2017 for $460,000. The parcel backs up to properties facing Front St. and is around the block from the York-Dauphin St. Station. It is interesting that this property is zoned commercial mixed-use even though it is not directly facing a commercial corridor. It was likely attached to a property on Front St. at some point. We see in the city records that it was once utilized as a used car lot. We support the zoning designation of 1836-1844 E. York St. as it will allow for a dense, mixed-use, transit-oriented development. As more people move to this section of the neighborhood, there will be an increased demand for commercial spaces.
The owners of the property received zoning approvals in July of 2018 for the erection of a 5-story structure with 19 dwelling units, ground floor commercial space, and a roof deck. The development team proceeded to secure new construction permits for the project in January of 2019. When we walked by today, heavy machinery was on site and there was a large hole in the ground already.
We look forward to seeing another vacant parcel near the York-Dauphin St. Station get developed. The residential density and inclusion of a commercial space should help the neighborhood continue to evolve. We also appreciate the lack of car parking spaces so close to the El. This development will attract tenants that use public transportation to commute to their jobs. As the neighborhood builds out, residents will be able to walk or ride their bike to take care of errands and to socialize. We hope to be back in this vicinity in the near future to cover other mixed-use projects breaking ground.
How do you feel about this project? What kind of business would you like to see open in the commercial space?
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