As we’ve mentioned countless times in the past, development has followed the transit lines in Philadelphia. Subway stop by subway stop, new buildings keep popping up further and further out from City Hall. Development has already made its way well past the Berks El Station, but there are still several vacant, blighted, and underutilized parcels prime for development in the area.
One of those blighted structures was recently eliminated and a brand new building is rising in its place. An old medical center at the northwest corner of Front and Norris was demolished several months ago. Work is already well underway on a 5-story, 21-unit building with ground floor commercial space, a roof deck, and 6 bicycle stalls.
This project is utilizing the mixed-income housing bonus and contributed $100,000 to the housing trust fund in exchange for the right to include an additional 4 units in the building. We think this is a win win situation for everyone. The mixed-income housing bonus is a great way to raise money for affordable housing in Philadelphia and should be expanded.
We’re very happy to see 21 more homes plus commercial space coming to the Front Street corridor and look forward to some of the other projects that we’ve told you about in the past to come online as well. There’s no better place to build new housing than steps away from a train station.
How do you feel about this project? Are you happy to see a blighted building replaced with new a building that will provide homes for more than 21 people and at least one business?
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