Over the last decade, we’ve seen a ton of surface parking lots in Center City and surrounding Philadelphia neighborhoods replaced with multifamily and mixed-use buildings. These are some of our favorite types of projects as they turn storage lots for automobiles into homes for people and local businesses. Today, we have another surface parking lot replacing project to share with you.
Permits were issued earlier this week for a 5-story, 33,040 square foot building with 40 residential units, a 995 square foot commercial space, a green roof, and a roof deck on the 8,805 square foot CMX-2.5 zoned lot at 5230-32 Germantown Avenue. The project is utilizing the green roof bonus in order to achieve an additional 8 residential units.
Design work was completed by KJO Architecture. The rendering depicts a building clad in tan brick along Germantown Avenue and a stone ground level facade. Large, modern windows accent the brick and stone.
We’re happy to see another parking lot in the city replaced with a higher and better use. We think the additional residential units and the commercial space will help further activate Germantown Avenue and energize the Germantown neighborhood.
How do you feel about this project? What kind of business would you like to see occupy 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