North Broad St. continues to see more project proposals and developments moving forward. We’ve covered multiple projects between Vine and Girard amounting to over 1,000 units (check out our map for links to articles about these projects). We also covered a 225-unit tower proposal at Broad and Jefferson that seems to be held up in the approval process and a 40-unit proposal at Broad and Diamond that was approved by the ZBA in October. Further North, there is the 4 million square foot North Station District master plan with some other major proposals nearby. North Philadelphia is continuing to evolve and attract the attention of developers and investors.
Today, we bring you a 29-unit + retail proposal just south of Broad and Dauphin on the north side of Temple University’s campus within a Qualified Opportunity Zone (QOZ). A low-rise one-story deli currently sits on the street-to-street, 9,069 square foot, CMX-2.5 zoned lot at 2234-38 N. Broad St. Demolition permits were pulled in October to raze the existing structure.
In November, use permits were pulled to build a 29-unit building with ground floor retail and 20 bike spaces on the site, which sits right next to the Uptown Theater. We imagine that the residential units will be marketed towards students. The lack of car parking spots makes sense in a location that is a half of a block from the Susquehanna-Dauphin Broad St. Line Station.
The property was purchased in January for $820,000. Renderings for the project depict a 5-story modern building with a gray brick and paneling facade. It looks like the new owner is considering selling the property to another developer if they can get the right price after adding value by bringing it through the entitlement process. The current owner may also decide to build the project. If the property does change hands again, the final design could end up being different. We’re hopeful that a project of similar or greater density with no car parking spaces proceeds in the near future. How do you feel about this project?
If you’re looking for transit-oriented development opportunities or investments, feel free to reach out.
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