We feel like a broken record. The area around the Berks El Stop is booming! Multiple large-scale developments are underway with a ton of infill sprinkled throughout the surrounding blocks. Yet, there remains a ton of vacant land and underutilized structures.
It looks like another lot will be developed soon. 102-106 W. Berks St. is a 6,212 square foot CMX-2.5 zoned parcel within an Opportunity Zone. The property includes the parking lot at Berks and Hope St. as well as a building facing Front St. Demolition permits were pulled for the Front St. building in August. Demolition is already underway to the formerly 2-story building.
Just this week, use permits were pulled for the erection of two structures, 28 residential units, retail space, 10 bicycle parking spaces, and a roof deck. The development will also take advantage of the green roof density bonus.
We are extremely happy to see more residential density with no parking added directly below the Berks El Stop. It will also be great to have more retail space added to this stretch of the Front St. corridor. We can imagine a cafe doing well in this location. There is not a place to grab a coffee or quick breakfast in the direct vicinity of the Berks Street Station.
How do you feel about this development? What kind of retail business would you like to see open here?
UPDATE 1/15/20 – Demolition is complete. Renderings by Coscia Moos Architecture are available for the project:
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