Agent PHL Brokers 30-Unit Development Site in Philadelphia for $3,000,000
PHILADELPHIA, July 6, 2023 — On behalf of The Seller, Agent PHL has formally announced the sale and settlement of 2400 East Venango Street in Philadelphia, Pennsylvania. The site will provide thirty (30) new residences in a marketplace starved for high-quality, attainably-priced residential housing. The sale was brokered by Ryan McManus, principal of Agent PHL— in collaboration with Rich Cassell of Keller Williams.
The +/-38,000 SF Property features a corner parcel which will be delivered in two (2) phases of fifteen (15) homes each, for a total of thirty (30) new construction townhomes with garage parking. The units will feature 3-bedroom + 3-bathroom layouts spanning 2550 SF with 1-car private garage parking. Located just seven (7) minutes from the Betsy Ross Bridge into New Jersey and twelve (12) minutes to Philadelphia City Hall (downtown Philly), the site is exceptionally well-located and convenient for future homeowners in terms of transportation, amenities, recreation and those seeking the modern urban lifestyle.
Said McManus: “Our client took an underused industrial site and secured entitlements to build a much more deserving product for the Port Richmond neighborhood; and now, thirty (30) new homes will supply the market— which has been drastically underserved in recent years— as inventory has remained at critically low levels amidst soaring demand.”
The homes are predicted to sell from the $600’s in an area that’s seen only a few recent deliveries of new construction homes, but clear demand is present. Port Richmond is a neighborhood bordering Fishtown/Kensington, which has become one of the most sought after residential locations in Philadelphia in recent years. With all of the momentum spilling over from those adjacent neighborhoods, Port Richmond is poised for a substantial run in the coming years, as buyers and renters alike seek more affordable housing options as compared to its southern counterparts.
SOURCE Agent PHL