Northern Liberties has matured from an up-and-coming neighborhood into a nearly fully-developed neighborhood filled with expensive houses and fancy restaurants. Although property prices have appreciated tremendously over the last two decades, some large parcels remain undeveloped in the neighborhood. One pocket of land that has always intrigued us is the triangular parcel just northwest of the Piazza and to the west of the Acme. The huge vacant lot has sat empty as the rest of Northern Liberties has progressed.
In 2017, the large CMX-3 multi-parcel property at 1102-42 N. 2nd St. was acquired for $4.5 million. Permits were granted in November of 2017 for the combination of the 22 lots, the demolition of the structures on the site, and the erection of two buildings. One building would hold 75 residential units and retail space. The second building was planned to have 38 dwelling units.
It looks like plans have changed to include only 84 residential units in order to make room for a gym, underground parking, and more retail space. Streamline Development is leading the project, and has already listed units for sale. We are seeing studios, one-bedroom units, two-bedroom units, and three-bedroom units available for prices ranging from $180k to $575k. It looks like Streamline already has 13 units pre-sold. They plan to complete the project in mid-2020 and are calling the development North Liberty Triangle.
We were sad to see the old buildings at the corner of N 2nd St. and Girard get demolished. However, we look forward to seeing this lot get developed and for new retail spaces to be added along the 2nd St. commercial corridor. Developing this lot will help fill a void in the northern section of the neighborhood. This development should also help better connect Northern Liberties to South Kensington. This connection will be aided by the new bicycle, pedestrian, and street infrastructure that we told you is being added along Girard and Germantown Ave. The triangular parking lot just south of this development will also be developed by Streamline in the future. We will bring you details about that project as they become available and as the plans progress.
How do you feel about this project? What type of retailers would you like to see occupy the space? How much longer do you think the one-story paint store at Girard and Germantown Ave. will hold out?
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