Over the last year or so, every time we’ve gone to Penn Treaty Park in Fishtown, we could hear some type of work going on inside the Delaware Generating Station right on the river next to the park. This summer, we watched as crews were using molds to repair the cornice and coating the concrete facade with a fresh color. When we went by the property this weekend, we saw that new windows have been installed on the west side of the building.
The fate of the Delaware Generating Station, built in 1917, has been uncertain over the last several years with ownership changing multiple times. There have been plans for restaurants, event spaces, and offices within the old structure. There were also plans to move the Festival Pier music venue onto the lot to the north of the power plant. Until recently, little to no work has happened at the property as the neighborhood has continued to boom around it.
With active work currently happening on the site, it looks like something is actually moving forward, and now we have a better idea of what is planned. Zoning permits were issued in November of 2020 to place 216 residential units within the existing power plant building and another 42 units within an addition. Construction permits were then issued on Friday for the 216 units within the power plant structure.
We’re relatively certain that the project will entail commercial components as well. There were permits issued last May for office space within the existing building and the residential zoning permits were only for a partial change in use. We also would not rule out some type of event space, restaurant, or other retail use at the property, which would be allowed by-right on this CMX-3 parcel.
This property is massive and centrally located. We’re excited to see it reactivated with new residents and hopefully a multitude of commercial uses. With the renovation of the power plant, the 1,000+ unit Northbank project that is already under construction just to the north of the generating station, and the plan to turn Graffiti Pier into a public park, this section of the Delaware Riverfront is going to be a lot different in the coming years.
How do you feel about the power plant project and the prospect of this part of the riverfront having thousands of new residents in the coming years?
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