It seems like at least once a month we’re covering a significant project on North Broad Street. Just about 10 days ago, we told you about a 50-unit proposal that will replace the gas station at Broad and Parrish. Alterra Property Group currently has a 410-unit mixed-use building under construction at Broad and Spring Garden. A 108-unit mixed-use project is planned on Broad St. just north of Spring Garden and a 363 foot tall tower with 290 units + retail is planned for the northeast corner of Broad and Spring Garden.
Just behind the Divine Lorraine at Broad and Ridge, a 50-unit project was recently completed and a 471-unit mixed-use project is nearing completion. Signs for an Aldi grocery store just went up on the ground floor of the larger project.
Right across Broad Street from the new Aldi, another development opportunity just became available. The 8,247 square foot, CMX-4 zoned corner parcel at 676-680 N. Broad St. currently holds two low-rise buildings and a surface parking lot and sits within the Qualified Opportunity Zone (QOZ).
A feasibility study was completed for the property that shows an 11-story, 57,729 square foot building with 67 residential units plus retail and 12 parking spaces being allowed by-right. This plan achieves a 200% FAR bonus.
A second feasibility study shows that a 6-story, 41,235 square foot building with 44 residential units, commercial space and 8 car parking spots would be allowed by-right with no bonus.
With this property now available, we should expect another significant project at a prime location on North Broad St. to move forward in the near future. The development site sits across the street from the subway entrance, is surrounded by new restaurants and commercial spaces, and is less than a mile walk to city hall. You can’t get much more centrally located than this.
Agent PHL at Compass is marketing this property for sale. Interested parties should reach out to Kyle@AgentPHL.com for more details and the full offering memorandum.
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