We’ve told you about several projects that are underway and in the pipeline in Germantown. Most of the developments have been located on the Germantown Avenue or Chelten Avenue commercial corridors or surrounding the thoroughfares. It looks like we have another project to add to the list.
Zoning permits were issued yesterday for a 50-unit building with a ground floor commercial space on the 9,123 CMX-2.5 zoned parcel at 5521 Wayne Avenue. The structure will rise 62 feet tall and will contain 17 bicycle stalls and a roof deck. The development team is utilizing the mixed-income housing bonus and the green roof bonus for additional height and residential density. As planned, this project can proceed by-right.
The property recently traded for $680,000. The site currently holds a low-rise blighted warehouse that will be demolished to make way for the new building. The project renderings depict a white brick facade and large factory-style windows. The commercial storefront should help activate this section of Wayne Avenue and put more eyes on the street.
It’s great to see this kind of residential density added so close to the Chelten Avenue commercial corridor and just a few blocks away from the regional rail line. We look forward to seeing this project as well as many others nearby move forward.
How do you feel about this project? What kind of business would you like to see open in the commercial space?
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