Take a walk around Fishtown and you’ll see new construction and renovations on almost every block. Over the last decade, developers have bought and built on most of the vacant and underutilized parcels in the neighborhood. However, there still are a handful of them out there that are hiding in plain sight.
One of these properties was 817-23 Aramingo Avenue, which sits just north of Girard Avenue next to the Interstate 95 onramp. Until recently, it was an auto collision center, but not anymore. In the current market, the 12,407 CMX-2 zoned lot was worth more to a developer than to an auto body shop. And wouldn’t you know, the site is currently being developed.
Foundation work is currently underway on a 4-story, 45 foot tall, 45,921 square foot building that will have 45 residential units and 15 bicycle stalls when complete. There is also a commercial space included in the current plans, but the development team is going to the ZBA in a couple of months to try to turn that space into 2 more residential units. We must say, we think the residential units are more of a logical use in this location that is off the beaten path and a couple of blocks off the Girard Avenue commercial corridor. We’re always big proponents of commercial space in new buildings, but not so much here.
The project is utilizing the green roof bonus for an additional 6 units and the low income housing bonus for an extra 15 units. In exchange for the 15 units, the development team is contributing $450,000 to the housing trust fund. We must say, this is a huge win for all parties involved. 15 more homes will be built in one of the most desirable neighborhoods in Philadelphia and nearly a half million dollars will be available to build and upkeep affordable homes in the city. What a great outcome.
Overall, we’re huge fans of this project. An underutilized parcel with an industrial use located in the middle of a residential neighborhood is being transformed into homes for a bunch of new people.
What do you think of the project? What are some other underutilized parcels in Fishtown that you would like to see developed in the near future?
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