The area surrounding Dickinson Square Park has seen a ton of development over the last ten years. From the redevelopment of the massive Mount Sinai Hospital site, to the conversion of the Abigail Vare School into apartments, to many other infill projects; this section of South Philadelphia is transforming. As Dickinson Square Park is also one of the largest and nicest neighborhood parks in Philadelphia, it is no surprise to us that this area is seeing new residents flock to it.
We don’t see the development momentum slowing any time soon in Dickinson Square and it looks like another handful of residents will be moving into the neighborhood in the coming years. Zoning permits were issued yesterday for a 4-story, 45 foot tall building with 25 residential units, 9 bicycle stalls, a green roof, and roof deck on the 6,565 square foot RM-1 parcel at 1701-07 South 4th Street. The site is on the southwest corner of the park and currently holds a handsome old warehouse with a mural on its north side and a ghost sign on its 4th Street frontage. The warehouse will be demolished to make way for the new building.
The development team is utilizing the mixed income bonus and the green roof bonus for additional height and residential density.
This project should help further revitalize Dickinson Square. Although we do like the old warehouse, the sides of the structure facing the park and facing Orianna Street are currently blank walls. The new building should have windows on all non party walls and should provide additional eyes on the street for the neighborhood.
How do you feel about this project? Has anyone out there seen renderings?
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
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