A largely vacant lot on one of the Fishtown neighborhood’s most popular corridors has sold for $3.2 million, making way for a 55-unit mixed-use development.
The project at 1713-21 N. Front St. will be developed by Khosla Properties. Ground is expected to be broken in the first quarter of 2023. Anuj Khosla, the company’s managing partner, said it will likely carry a total project cost of just over $15 million.
Situated along SEPTA’s Market-Frankford Line, the development will be located in between several popular concepts including Evil Genius Beer Co., Stephen Starr’s Mexican restaurant LMNO and CookNSolo falafel spot Goldie. Other nearby outposts include Suraya, Pizzeria Beddia and Wm. Mulherin’s Sons.
The site was previously owned by Helene and Bohdan Stanczyk, who purchased the property in 1993, according to records. The lot presently has a garage on it but “it was not the best and highest use of the property in such a vibrant location,” said Ryan McManus of Agent PHL, who brokered the deal.
“They were the owners of a garage that happened to be located in an area that just took off beyond anybody’s expectations,” McManus added. He said that the Stanczyks felt it was time to sell given how popular the surrounding area has become. Given that popularity, the property garnered multiple offers, McManus said.
The new 55-unit project, located between Girard Station and Berks Station on the Market-Frankford Line, will span six floors and have almost 2,600 square feet of ground-floor commercial space. McManus said it is “where everybody wants to live, a marquee location.”
Each of the residential floors will have three two-bedroom units, two one-bedroom units and six studio units, according to site plans. There will also be 10 parking spaces.
Canno Design is the architect and Colliers Engineering and Design is the engineer on the project.
The forthcoming mixed-use property is the latest development in one of the hottest sections of the city. Already a burgeoning area for food and drink, residential space has continued to flourish in Fishtown.
That includes an eight-story, 70-unit project located at the corner of North Front Street and East Columbia Avenue, McManus said, next door to this development.
A few blocks away at 1108 Front St., a 47-unit building recently broke ground, while there is also development at 1600 and 1131-39 N. Front St. Less than a mile away on York Street, a new 42-unit condo building is nearing completion as well.
© 2022 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated January 1, 2021) and Privacy Policy and Cookie Statement (updated July 1, 2022). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals.
02 8005 6525
info@aktengineering.com.au
Recent Comments