Northeast Philly Site Sold After Being Rezoned To Industrial
Previously zoned for residential use, 7777 State Road in Northeast Philadelphia did not have any interested developers. Now, it may have a profitable future.
Between Interstate 95, the Delaware River and a state prison, the 58-acre site has been recently rezoned as industrial, which it was until 12 years ago, and sold to Morris Iron & Steel Co., a recycling company. Cushman & Wakefield represented the sellers, listed as 7777 State PA Philadelphia Loan Associates LLC. Though a price was not disclosed, city property records value the site at $7.3M for 2017.
A recycling center is a more logical use for the site than a distribution center, since a condition of the rezoning was to bring jobs without increasing traffic. Proximity to I-95 still provides a transportation advantage for a recycling center, and Morris Iron & Steel has promised to improve access to the highway and donate acreage to local groups for a riverwalk.