A rare undeveloped site has hit the market in Fishtown, where space is at a premium and the area residential construction market is hot.
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Owners of a parcel at the juncture of the Interstate 95 overpass and Front Street have listed the plot, currently home to a 13K SF warehouse, for $8.5M and expect it to sell within a month, according to the Philadelphia Business Journal.
The lot at 53-67 Laurel St could become a commercial, residential or mixed-use development in the neighborhood, according to current zoning. The block already boasts Philadelphia locations of The Fillmore and Brooklyn Bowl music venues as well as Other Half Brewing just across the street.
“Ultimately, I would love to see something unique come to the area,” Jim Roche, the Keller Williams broker with the listing, told the PBJ. “Just because of the unique space and where it is, I think ultimately, the real winner would be someone that brings a creative idea there and hits a home run.”
Roche told the PBJ the site has been “extremely active” with potential buyers considering the lot for apartments with commercial space or event venues. Developers could fit over 200 multifamily units on the parcel.
There are only a few noted restrictions on the project, zoned CMX-3. One limit is a maximum height restriction of 84 feet high, or seven stories. A new-build multifamily development would also require three parking spaces per 10 units built.
“The right business there would absolutely flourish,” Roche told the PBJ, pointing to about 2,000 new apartment units underway in Fishtown, a hub of recent construction activity.
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