Just yesterday, we told you that the 470-unit Festival Pier redevelopment project is finally under construction after years of planning and preparation. Well, that’s not the only mega development in this neck of the woods. There’s another nearly 500-unit project underway right across the street from Festival Pier.
Exactly two years ago, we told you that building permits were issued for a massive project on the former site of the Greyhound bus terminal at 700 North Delaware Avenue. Over the last two years, until recently, not much changed on the site other than the demolition of some old garages and a shattered nightclub.
The project now seems to be in full swing with the site cleared and foundation work beginning.
Since we last reported on the project, the unit count has been decreased from 488 units to 466 units according to amended construction permits. The project entails two 7-story buildings and will include multiple commercial spaces, 129 automobile parking spots, and 171 bicycle stalls. The historic rowhomes along Fairmount Avenue will be preserved.
The project design blends classic and modern styles with a primarily brick facade and a corbeled cornice crowning the structure at the corner of Front and Fairmount. Composite metal and cast stone make up the remainder of the facade. There will be a courtyard between the buildings and a pedestrian pathway will run along the north side of the site. The two largest retail spaces are located along the internal courtyard.
It’s amazing to see so many homes being built near the Spring Garden El Station. This project combined with the Festival Pier redevelopment across the street will add 936 homes and 16 commercial spaces to this block. And these aren’t even the only mega projects happening in this immediate area. We’ll tell you about another next week. Stay tuned.
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