Back in August, we saw that a demolition permit was issued for the Broad Street Diner at 1135-41 South Broad Street. At the time, we didn’t know what was planned for the site, but were sad to hear that another of the city’s quickly disappearing diners could be meeting the wrecking ball.
Well, now we know what’s cooking on this corner. A zoning permit was issued today for a 5-story, 45 foot tall building with a restaurant on the ground floor, 10 bicycle stalls, a green roof, and a roof deck. The project will be utilizing the green roof bonus and the low income housing bonus to achieve additional residential density by-right.
It’s rare to see permitting for a commercial use within a new construction mixed-use building this early in the development process, which leads us to believe that the development team already has a restaurant tenant in mind. Our intuition tells us that it could be the Broad Street Diner, but that is pure speculation.
It would certainly be great if a diner was sticking around on this corner as the city has lost too many in recent years. It will be a shame to lose the retro diner building, but we’ll be happy to see the surface parking lot located right on top of the Ellsworth-Federal Broad Street Line subway station disappear. It will also be great to see 29 new transit-accessible homes added to this section of South Philly.
How do you feel about this project? Would you rather this property stay as it is or do you want to see it get developed?
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