Back in January of last year, we told you that building permits were issued for a 5-story, 64-unit project with 2 ground floor commercial spaces, 7 artist studios, and 65 parking spots at 1222 North 2nd Street in Olde Kensington. We mentioned that there had been on and off development plans for the property for more than 4 years at that time. However, we had a hunch that things may finally get moving on the site. Well, the existing structure on the parcel was demolished shortly after we wrote that article and construction started soon after.
If you walk by the intersection of 2nd and Thompson today, you’ll get a glimpse of a unique development site for Philadelphia. The building is being constructed out of cast in place concrete, which we do not see here too often for 5-story projects. Cast in place concrete is usually only used for towers and parking garages in Philadelphia. If you read our articles often, you’ve likely notice that most residential and mixed-use structures in Philadelphia that are 6 or less stories tall are built out of wood only or have 1 story of steel and then wood framing on top.
The exterior of the building is going to be clad in mostly glass and will be accented with residential balconies. The drive aisle for the parking garage will be located mid-building along American Street. A 5,400 square foot commercial spaces will be located at the corner of American and Thompson Streets. The second commercial space, which will be 4,400 square feet, will be located on the south side of the building and will have frontages on both American Street and 2nd Street.
Although we think this a lot of parking so close to the El and trolley line, we look forward to this property being activated. The commercial spaces and additional residents that the project will bring to this section of Philadelphia should help energize the neighborhood and make the 2nd Street / American Street corridors transfer even more seamlessly north of Girard Avenue from Northern Liberties.
How do you feel about this project? What kind of businesses would you like to see open in the commercial spaces?
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