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At 1501 Fairmount Ave near Temple University's campus, an old automobile showroom is poised to be renovated into a mixed-use project.
The one-story showroom was designated as a Historic Place in Philadelphia last year, but the developers, as yet unnamed because no deal has been made official, plan to convert it into a three-story building no taller than 52 feet. The ground floor is planned for two commercial spaces with 20 residential units above them, according to Naked Philly.
The building is owned by Mark Kreider, who owns Overseas Motor Works, currently occupying the showroom. Mark also owns two adjacent properties along 15th Street, which serve as surface parking lots. The three properties are a package deal, according to Philly Mag last year, which reported they were being sold for an asking price of $2.5M and "heavy hitter" developers were interested. The three properties are assessed at roughly $500k combined.
The proposal includes merging three lots into a single one, as well as providing seven bike spaces. Built in 1929 in the Art Deco style, the building is not far from the redeveloped A.F. Bornot Dye Works building. [NP]
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