The above property at 171 W Berks St in South Kensington, currently single-story commercial storefronts, has been sold and is set to be demolished to make way for a five-story, mixed-use building.
The property was listed at $699k when it was first put on the market in April 2015, but it sold to an as-yet-unnamed developer March 31 for $500k, Bisnow has learned. The proposed development would have commercial space on the ground floor with 32 apartments above, according to Naked Philly. It's already zoned for industrial or mixed-use development.
The demolish-and-rebuild project stands in contrast to other recently announced projects in Kensington, which will renovate old factories into mixed-use buildings. Still, it serves notice that Kensington is a fertile ground for this sort of revitalization. [Naked]
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