PHILADELPHIA | Lowrise/General Developments Thread

[Boku]

Developer puts 250-unit Fishtown waterfront apartment project up for sale

https://www.inquirer.com/real-estate/fis...rtunity-zone-edward-corner-20200108.html

Development group Streamline has put its roughly 250-unit mid-rise apartment project planned near Fishtown’s Delaware River waterfront up for sale, marketing it as a chance for investors to take advantage of the property’s eligibility for “opportunity zone” incentives under the Trump tax bill.

The apartment project, which would run from Marlborough Street nearly to Shackamaxon Street, across Delaware Avenue from the Sugarhouse Casino and Penn Treaty Park, is being advertised for sale at $16.7 million, according to a listing on the website of brokerage Rittenhouse Realty Advisors.

[mcgrath618]

Originally Posted by Boku

Developer puts 250-unit Fishtown waterfront apartment project up for sale

https://www.inquirer.com/real-estate/fis...rtunity-zone-edward-corner-20200108.html

Ugh. Terrible interaction with the street. Like the density, but otherwise not a fan of this project

[ScreamShatter]

Originally Posted by mcgrath618

Ugh. Terrible interaction with the street. Like the density, but otherwise not a fan of this project

The greenery is refreshing. How much ground level commercial space is there?

[mcgrath618]

Originally Posted by ScreamShatter

The greenery is refreshing. How much ground level commercial space is there?

None. That's my point.

[ScreamShatter]

Originally Posted by mcgrath618

None. That's my point.

Bummer! Cool design and streetscaping, if they’d add commercial retail space.

[Xelebes]

Thread has been cleaned up of off-topic political discussion. While politics does serve a purpose to discuss with regards to development, it is making it difficult for people to find the information they are looking for with regards to low-rise development in Philadelphia. The previous chatter has been moved to a new thread in the Northeast forum.

[City Wide]

^^^^^^^Well now, that's a kick in the ass.

Meanwhile-------23th and Oregon Ave. (see posting #13085 for plans) has started demolition on the building right on the corner and several others have been emptied out and fenced off. I thought the much panned idea of a garage door right on the corner was a indicated that this was going to be some type of a overbuild, since that's the location of a existing door. But it looks like everything is going to be a ground up build. I hope they've seen the light re that door and have made changes. Any design that would include something so singerly bad has to be questioned top to bottom.

[iheartphilly]

Old City parking garage sells, real estate firm has novel idea for it

https://www.bizjournals.com/philadelphia...g-garage-sells-real-estate-firm-has.html

It could be an interesting additional as Old City continues to be hot. Also a very small side street off Chestnut.

Anyone have a brief summary? It's behind the paywall as it tells me I've hit my limit of 3 articles.

[Philly-Drew]

Originally Posted by mcgrath618

None. That's my point.

I’m not so sure commercial space would work here, at this point in time at least. I think more residential density in the area would need to come first to support the commercial space.

[Boku]

Originally Posted by iheartphilly

Old City parking garage sells, real estate firm has novel idea for it

https://www.bizjournals.com/philadelphia...g-garage-sells-real-estate-firm-has.html

It could be an interesting additional as Old City continues to be hot. Also a very small side street off Chestnut.

Anyone have a brief summary? It's behind the paywall as it tells me I've hit my limit of 3 articles.

I read it earlier, cant access it now. The novel idea is they’re not developing the lot, they’re keeping it a parking garage.

[ScreamShatter]

Originally Posted by Philly-Drew

I’m not so sure commercial space would work here, at this point in time at least. I think more residential density in the area would need to come first to support the commercial space.

True. The commercial spaces in this area in the past have struggled so more residential is needed.

One gap I see is lack of basic needs/public health providers in this area of fishtown. There’s no urgent care anywhere in the area (NoLibs, Fishtown, etc) and this location bc if road access and less insane parking could be a good spot for one. There’s also limited grocery/produce places within walking distance for people on this end of Fishtown. So there could be some great options for the space if supported by slightly more residential around it.

[Larry King]

Originally Posted by Philly-Drew

I’m not so sure commercial space would work here, at this point in time at least. I think more residential density in the area would need to come first to support the commercial space.

This many units could at the very least support a deli.

[UrbanRevival]

Some fantastic infill, especially for Kensington. I love that more and more cutting-edge designs keep popping up outside of Center City/environs:

DIGSAU will break ground on Philadelphia's new Center for Ceramic Arts

On January 15, a new state-of-the-art ceramic facility designed by Philadelphia-based architecture firm DIGSAU will break ground for The Clay Studio, a nonprofit ceramics studio founded in 1974 that has serves approximately 35,000 members of the Philadelphia community annually. The organization will leave its location in a narrow 19th-century structure and move into the much larger, 32,000-square-foot building in the heart of the South Kensington neighborhood. “This is a defining moment,” executive director Jennifer Martin told Artdaily, “and together we are making a big dream a reality.”

https://archpaper.com/2020/01/digsau-new-center-ceramic-arts-philadelphia-the-clay-studio/

[Redddog]

Originally Posted by Boku

I read it earlier, cant access it now. The novel idea is they’re not developing the lot, they’re keeping it a parking garage.

Cutting edge.

[Boku]

Originally Posted by iheartphilly

Old City parking garage sells, real estate firm has novel idea for it

https://www.bizjournals.com/philadelphia...g-garage-sells-real-estate-firm-has.html

It could be an interesting additional as Old City continues to be hot. Also a very small side street off Chestnut.

Anyone have a brief summary? It's behind the paywall as it tells me I've hit my limit of 3 articles.

Ok, here's the full text:

ASI Management, a Philadelphia real estate company run by Alex Schwartz, has purchased a garage in the Old City neighborhood of Philadelphia with the intention of not tearing it down to build something anew.

It’s a twist in what has been a regular feature in Old City, a neighborhood that has seen in recent years a constant churn of smaller buildings and surface parking lots transformed into new residential structures. Schwartz paid $4.6 million for 37-39 S. 2nd St., a three-story parking structure that has been owned by the same family for decades.

The garage was initially a curiosity for Schwartz. “I drove by, just like everybody else when something comes on the market,” he said. “I didn’t know where it was or anything about it. From the entrance, I saw our building.”

That building is Strawberry Court apartments on Bank Street, which is about a three-minute walk from the garage. ASI Management has owned the apartment building for years and when Schwartz spotted it from the garage entrance, he thought he had found a solution to an issue related to Strawberry Court.

“We don’t have parking,” he said about the apartment building. “I always knew there were a lot of people looking for parking when they rent an apartment. I thought it was an interesting idea.”

So, he bought the garage.

Schwartz plans to use it to rent out spaces to tenants in Strawberry Court who don’t mind paying for a guaranteed parking spot. It would be self-parking.

The property received upwards of nine offers, said Steve Perna of PernaFrederick Commercial Real Estate who represented the undisclosed seller in the sale. Interest in the garage was high because of its location in Old City, the potential for redevelopment, and a general interest in investing in real estate — particularly properties that are generating revenue, Perna said.

The garage needs some works including new lights. “It’s not something that is going to be done overnight,” Schwartz said. “It took a long time to get into no-so great condition so it will take some time to work on it.”

Schwartz dismissed the idea of eventually razing the garage to make way for new development.

“We’re not developing it,” he said. “I’m not a developer.”

ASI Management has focused on buying real estate in Philadelphia. In addition to Strawberry Court, ASI Management owns several office properties including the Land Title building on South Broad Street.

[Jawnadelphia]

[QUOTE=UrbanRevival;8794676]Some fantastic infill, especially for Kensington. I love that more and more cutting-edge designs keep popping up outside of Center City/environs:

Wow - stunning building, and for Kensington, really impressive. Thanks for sharing.

[Redddog]

Originally Posted by Boku

Ok, here's the full text:

This feels like an April fools joke.

[iheartphilly]

Originally Posted by Boku

Ok, here's the full text:

Thanks...and here I got my hopes up that it was going to be developed sometime soon after the purchase. Oh, well-at least not for now, but with the new Penns Landing cap to park project who knows if things will change for him down the road. Everyone's got a price in the business world...LOL.

[Redddog]

Originally Posted by iheartphilly

Thanks...and here I got my hopes up that it was going to be developed sometime soon after the purchase. Oh, well-at least not for now, but with the new Penns Landing cap to park project who knows if things will change for him down the road. Everyone's got a price in the business world...LOL.

Sounds like that dude is just looking for income. He's not gonna sell long-term parking spaces then sell any time soon.

There is a lot right across the street from that dump that will be developed way before this thing will.

[iheartphilly]

Originally Posted by Redddog

Sounds like that dude is just looking for income. He's not gonna sell long-term parking spaces then sell any time soon.

There is a lot right across the street from that dump that will be developed way before this thing will.

True...that surface lot is ripe for development and sits adjacent to Front St with water views.