Back in May of 2021, we told you about a plan to redevelop the stretch of North 2nd Street between Spring Garden Street and Callowhill Street. At that time, plans were released for two large, mixed-use projects. One on the northwest corner of 2nd and Callowhill, and the other on the southwest corner of 2nd and Spring Garden. Last week, we gave you a construction update on the 2nd and Spring Garden project. That project has risen 8 stories to date and will reach 14 stories when complete. We thought you may also be interested in hearing what’s happening with the 2nd and Callowhill development.
As a quick reminder, 412 North 2nd Street, at 2nd and Callowhill, will be a 23-story, 244 foot tall tower with 397 residential units, 20,400 square feet of commercial space, and 106 automobile parking spots.
The project achieved full entitlements in December of 2021. Until recently, there wasn’t much action on the site. However, over the last couple of months, demolition has been underway.
When we went by the site last week, the old industrial building on the site was nearly fully demolished. We went by again today, and the former distribution center is now gone. You may notice that a 1-story structure is still standing on the site. That building will be adaptively reused as commercial space and incorporated into the project. American Street will also be reopened between this 1-story structure and the new tower and is planned to be a commercial corridor by the development team with retail lining both sides of the street.
There are three more sites between the two ongoing projects that the developer plans to build on. As of 2021, they controlled 2 of those 3 sites and stated that they were working on acquiring the last one. However, plans for the rest of the properties have not been released to date. The project team envisions the newly-reopened American Street commercial corridor to stretch from Spring Garden to Callowhill Street when all 4 sites are fully developed.
Although construction has not technically started on the tower at 2nd and Callowhill yet, we’re excited to see progress at the site and will keep an eye out for groundbreaking. We’re really looking forward to the day that this while strip of 2nd Street is built out and Northern Liberties and Old City are better connected.
How do you feel about this project? What kind of commercial operators would you like to see open up shop in the retail 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