West Market Street has seen a plethora of development over the last decade. The majority of projects we’ve seen constructed on Market Street west of the Schuylkill River have been located between 30th Street and 38th Street and have been focused on life sciences, higher education, and office uses with a handful of similar developments happening located past 38th Street. However, there have not been a ton of mixed-use or multifamily projects built along this stretch of Market Street, which is odd because there are a ton of massive new residential projects on Chestnut Street as far west as 46th Street.
It seems like that is all about to change for Market Street, though. We recently told you about a 352-unit plan at 42nd and Market and saw zoning permits issued for a 11-story, 100-unit project at 44th and Market.
Now, we have another project to add to the mix. A zoning permit was issued earlier this week for a 7-story, 85 foot tall, 39,210 square foot building with 46 residential units, 2,415 square feet of ground floor commercial space, 7 underground parking spots, 26 bicycle stalls, and a roof deck at 4001-03 Market Street. The development will replace two low-rise, blighted buildings that seem to be vacant.
The project is utilizing an underground parking bonus which gives the development team an extra 200% in floor area ratio for locating the automobile storage in the basement level. It’s a bit odd that the city is incentivizing developers to add parking so close to a subway station, but we’re happy that the development team was able to achieve additional density here due to this bonus.
It’s great to see the western part of Market Street continue to develop and we’re thrilled to see 46 homes planned right next to the 40th Street Station. This is a prominent corner that deserves to be refreshed and activated with a nice commercial space.
How do you feel about this project? Are you happy to see homes being built right on top of the El line?
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