It was back in August of last year that we told you about a major project planned at the northwest corner of Front Street and Cecil B. Moore Avenue on the site of a giant surface parking lot that was used as a beer garden and outdoor gym during the height of the pandemic. The lot has sat quietly unchanged over the last 15 months as the project went through entitlements and pre-construction planning.
Then, just yesterday, we noticed construction barriers surrounding the property and heavy machinery actively working on the site. It looks like this project is now a go and one of the largest remaining developable lots on the North Front Street corridor will soon be home to hundreds of homes and multiple new commercial spaces.
To recap, the project entails a 5-story, 62 foot tall, 172,844 square foot building with 204 residential units, 16,429 square feet of commercial space, and 70 bicycle stalls The building will have 28 studios, 141 one bedroom apartments, and 35 two bedroom apartments. Commercial space will occupy all of the structure’s frontage along Cecil B. Moore and Front Street outside of a 4,200 square foot outdoor courtyard that will be located on Front Street. Another larger courtyard will be located on the back of the building along Hope Street.
The building will be managed by Urby, an apartment developer and operator with locations across the country. Urby aims to build amenitized apartment complexes with high end finishes and social programming for residents.
We’re excited to see this giant surface parking lot transformed into more than 200 homes in such a transit accessible location. This project will also help solidify North Front Street as a major commercial corridor on the edge of two bustling neighborhoods – Fishtown and South Kensington. We think this building will have a major impact on the area.
How do you feel about the project? Are you excited to see this parking lot finally get developed?
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