We’ve covered a bunch of projects on North Broad Street between city hall and Girard Avenue with a handful more stretching up past Temple University. However, We’ve only covered a couple of proposals above North Philadelphia Station. We see this changing over the coming years as developers continue to embrace transit-oriented development sites. You can’t get much more transit-oriented than Broad Street, which has the subway running right beneath it, bus routes along it, and connections to other rail lines.
At least one developer is on the same wavelength as us. They’re planning to replace a 3-story structure and two vacant lots at the corner of Broad Street and Toronto Street with a new construction 6-story building with 30 residential units, ground floor commercial space, 9 car parking spots, 10 bicycle stalls, and a roof deck. The parking garage entrance will be located along Toronto Street.
Zoning permits were issued to consolidate 3026, 3028, and 3030 North Broad Street in October of last year, creating a 5,497 square foot CMX-3 assemblage. Commercial building permits were then issued at the end of March.
We would have liked to have seen no parking included in this plan, but blame that on the zoning code, not the development team. They likely would have preferred to have included more residential units or a larger commercial space instead of a parking garage. There should really be no minimum parking requirements in such a transit-accessible location. Otherwise, we love to see residential density being built along the Broad Street Line. Now, if only that surface parking lot next door could get developed…
How do you feel about this project? What kind of business would you like to see move into the commercial space?
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