Back in August of 2020, we told you about plans to build roughly 500 residential units and multiple commercial spaces on the old Festival Pier site at Delaware Avenue and Spring Garden Street. After completing extensive site work that was required due to the nature of building a structure on a pier surrounded by a river and taking time to ensure the protection of the threatened Atlantic sturgeon, the development team has now officially broken ground on the project.
The development will entail two 6-story structures. The northern building will total 340,562 square feet and will include 247 residential units, 17,117 square feet of commercial space, and 161 automobile parking spots. The southern building will total 343,221 square feet and will include 223 residential units, 29,315 square feet of commercial space, and 152 parking spots. Combined, the buildings will total 683,783 square feet and will include 470 residential units, 46,432 square feet of commercial space, and 313 automobile parking spots along with 181 bicycle stalls.
The commercial square footage will be split between 11 storefronts. The storefronts will be situated along the extension of Spring Garden Street that runs between the north and south structure and along the Delaware River. In early 2022, it was announced that one of the commercial spaces will be a Sprouts grocery store.
One of our favorite parts about this project is all of the public space. A walking trail will wrap around the perimeter of the pier. A large public park will be located on the south side of the site. Another large lawn area will be located along the river between the two buildings. We think all of this accessible space will greatly assist the city in its goal of activating the riverfront.
All in all, we think this is going to be a great project and we’re extremely excited to see it finally get moving. A pier that was once home to a trash incinerator will soon be filled with homes for people, tens of thousands of square feet of commercial space, and a ton of public space. We would have liked to have seen less automobile parking included in the project since the site is so close to the Spring Garden El Station, but the parcel’s CMX-3 zoning requires it.
How do you feel about this project? Are you excited to see this property get transformed and for the riverside to be activated? Besides Sprouts, what kind of businesses would you like to see open here?
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