Last night, we were eating dinner at Jerry’s Bar, one of our favorite spots in Northern Liberties. We looked across the street and noticed that an old warehouse was no longer there and there was heavy machinery on the lot.
1018-30 Germantown Ave. was the home of Leo Razzi’s metal fabrication studio up until his death in 2018. Razzi made a huge impact on the city. His art is all over the streets of Northern Liberties and the greater Philadelphia area. Although Philadelphia lost a great artist, his work has left a mark on the city and will continue to be appreciated by passersby for years to come.
The 10,477 square foot Industrial Residential Mixed-Use (IRMX) zoned lot was purchased by developers for $2.55 million. They proceeded to demolish the warehouse and clear the parcel for development.
In January of 2019, the development team secured permits to construct a 6-story building with 49 dwelling units, a commercial space, 10 car parking spots, and 22 bike spaces. No zoning variances were needed as this lot is generously zoned IRMX, which allows dense mixed-use development by-right. If the project had included 50 units, it would have needed to go before the Civic Design Review (CDR), but the owners decided to only pursue 49 units. This likely saved them some time and money.
With the lot cleared and a backhoe on the site, it looks like development will move forward soon. The developers secured foundation permits in March and new construction permits at the end of May. We expect more action at the site in the coming weeks.
We look forward to seeing this building rise and the residential density it will bring to Northern Liberties. This site is in the shadows of the Piazza and is a short walk to the Girard El Station. Residents will be able to walk to work within Northern Liberties, or take a short train ride into Center City. They will also be surrounded by all of the restaurants and other amenities in Northern Liberties and Fishtown. We are interested in seeing what kind of commercial business opens in the building. What would you like to see? How do you feel about this project?
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