709-17 N Penn St,PHILADELPHIA, PA 19123
PHILADELPHIA, PA 19123
Description
**Amazing Development Opportunity in Center City** Discover an unparalleled development opportunity at 709-17 North Penn Street, perfectly positioned on the waterfront in Center City. This prime location offers a versatile investment for either resale or long-term hold, currently available for $15,500,000. Alternatively, you can choose to purchase half of the development, with options to buy and build the (47) unit multi-unit side or the (12) luxury townhome side. Separate pricing is available upon inquiry. **Flexible Purchase Options:**- **Seller Incentives:** The seller is willing to purchase back your first two townhomes to assist with pre-sales, offering a unique advantage to developers.- **Owner Financing:** The seller is open to owner financing, providing flexibility to get you into the deal with less cash out of pocket.- **Creative Solutions:** The seller is committed to making this project as lucrative as possible, offering creative solutions tailored to your needs. **Development Highlights:**- **By-Right Build:** Construct 60 units on the water, fully compliant with zoning codes.- **Projected Resale Value:** Estimated at $68,000,000, this high-density project is a sound investment.- **Comprehensive Site Plan:** The waterfront site includes a 47-unit building, 12 luxury townhomes, a separate one-story commercial space, and 35 additional parking spaces, alongside two-car garage townhomes.- **Building Specifications:** The plan allows for construction up to 84 ft (7 stories). **Approvals and Reports:**- **Zoning and Permits:** Approval submitted in April 2022, with CDR + REO approved. Zoning permits are expected within 3-4 months.- **Environmental and Geotechnical Reports:** Preliminary StormWater Approvals obtained, with geotech report, phase 1, and phase 2 environmental tests available for review. Join the wave of billions of dollars in development on the waterfront surrounding this project. This is a rare opportunity to invest in a high-demand area with significant growth potential. Contact us today to explore this exceptional development opportunity and discuss how we can make it work for you.
Details
| MLS # | PAPH2646864 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active-bright |
| Days On Site | 68 |
| Listing Provided By | Compass Pennsylvania, LLC | david m cohen |
Features
| Zoning | CMX 3 |
|---|---|
| Acreage | 2.13 |
| Water Front | Yes |
| Property View | Panoramic |
Exterior
| Lot Features | Bulkheaded, Level |
|---|
Parking
| Garage Yes / No | No |
|---|
Utilities
| Utilities | Natural Gas Available |
|---|
Taxes
| Tax Annual Amount | 97.26 |
|---|
Area Information
| State | PA |
|---|---|
| County | PHILADELPHIA PA |
| City | PHILADELPHIA |
| Zip Code | 19123 |
| Area | 19123 (19123) |
| School District | THE SCHOOL DISTRICT OF PHILADELP |
| Elementary School | GENERAL PHILIP KEARNY |
| High School | KENSINGTON |
| Listing VS Median (in 19123) | |
Price: $12,000,000 low | high Med: $3,010 On site: 68 low | high Med: 102.5 | |
Market Activity 19123
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Learn More About This Property
| State | PA |
|---|---|
| County | PHILADELPHIA PA |
| City | PHILADELPHIA |
| Zip Code | 19123 |
| Area | 19123 (19123) |
| School District | THE SCHOOL DISTRICT OF PHILADELP |
| Elementary School | GENERAL PHILIP KEARNY |
| High School | KENSINGTON |
| Listing VS Median (in 19123) | |
Price: $12,000,000 low | high Med: $3,010 On site: 68 low | high Med: 102.5 | |
