Back in the 1990’s, the City of Philadelphia took the CMX-2 parcel at 5300 Whitby Avenue via eminent domain and provided the site to Wade Telecommunications to use for the location of a substation. Wade Telecommunications was later absorbed by Time Warner and then Comcast. Comcast saw the property as disposable and listed it for sale in 2017. In May of 2018, The Spak Group purchased the land.
The Spak Group ended up subdividing the property and plans on pursuing an inclusive development that will include 53 residential units and 4 commercial spaces. The project will be built in two phases and will be called Wade Flats.
Phase 1 will be located at the corner of 53rd St. and Whitby Avenue. This phase will include 37 residential units and 3 commercial spaces. Phase 2 will be located on the side of the lot closer to 54th St. This phase will include 16 residential units and 1 commercial space.
The residential units in the development will be studios, 1 bedroom apartments, and two bedroom apartments. 6 of the units will be rented at 50% average median income (AMI), 5 units below 60% AMI, 10 units below 70% AMI, 3 units below 75% AMI, and 29 units at or below 80% AMI. $96,600 is the base AMI for a family of four in the region. In dollar terms, the units will be rented between $795 per month and $1,600 per month.
The project will also include a green roof, high efficiency systems, a gym, a dog park, a grilling area, 40 indoor bike parking spots, and around 20 outdoor bike parking spaces.
Construction permits were issued for phase 1 in October of 2020 and the project is scheduled to break ground later this month. Spak Group is holding an informational meeting with community members on March 15th at 6:30 via Zoom and will continue to hold monthly meetings with the community throughout the duration of the project.
This seems like a fantastic project that will be built on a blighted lot and will provide affordable homes to community members in a section of the city that is seeing rents continue to rise. The four commercial spaces will also make this area more vibrant and will provide an opportunity for neighbors to open businesses near their homes. Tiffany’s Bakery will be taking one of the storefronts.
How do you feel about this project?
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