Another mid-rise apartment building is coming to Kensington, hoping to supply pent-up demand for transit-accessible units in Philadelphia’s Riverwards. As we’ve mentioned many times before, the area surrounding Front St. and the El is exploding. Momentum has pushed from the Girard Station, to Berks, and is now moving towards the York-Dauphin stop.
Just east of Front St. between the Berks and York-Dauphin Station, a 5-story, 24-unit building is rising on the 7,012 square foot lot at 2020 Dreer St. within a federal opportunity zone. This is right across the street from the historic Harbinson Dairy Building, which is undergoing its own transformation into apartments, offices, and retail.
The project at 2020 Dreer St. has been in the works since at least 2017. Back then, the project site was made up of five RSA-5 zoned lots. Developers were able to secure a zoning variance to combine the parcels and build a multi-family property on the site with 16 parking spots on the ground floor.
Permits for the construction of the foundation were pulled in November of 2018 and then permits for the above-grade portion of the building were pulled in April of 2019. The project has been moving forward at a steady pace ever since. It looks like the building is now topped out and is ready for its facade to be applied and then for its interior fit-out. We do not have any renderings of the project, but it looks like at least some of the residential units will have balconies overlooking Dreer St.
Its quite amazing to us how quickly this neighborhood is being revitalized. 5 years ago, we would have never thought things would progress with such speed in this neck of the woods. Vacant lots are getting developed and abandondoned buildings are being brought back to life. We are very happy to see additional residential density added so close to the El. Although it looks like this project will have parking spots included, we imagine many of the building’s residents will be car-free and will utilize the train line.
How do you feel about this project? Did you foresee the rapid development in this section of East Kensington happening?
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