Agent PHL Brokers Sale of 55-Unit Development Site in Philadelphia for $3,200,000￼￼
PHILADELPHIA, Oct. 13, 2022 /PRNewswire/ — On behalf of Khosla Properties, Agent PHL powered by Compass Commercial has formally announced the sale and settlement of 1713-21 North Front Street in Philadelphia, Pennsylvania. The incredibly desirable parcel is located in the Fishtown submarket, where investment and development demand remains at record levels. The transaction was brokered by Ryan McManus, Principal of Agent PHL.
McManus said: “This site commanded multiple offers once it hit the market but ultimately, Our Client’s track record, substantial neighborhood holdings and healthy reputation — coupled with strong terms, efficient due diligence and a mobilized pre-development effort — prevailed.” He also said, “As a Qualified Opportunity Zone parcel, the site contributed additional benefits for Our Client; and, from a brokerage standpoint, we continue to witness a ‘flight to quality’ in the second half of 2022, as top submarkets throughout Greater Philadelphia are aggressively being pursued while fringe areas stagnate.”
The Property will feature authentically inspired architectural appeal, positioned alongside the “El” train on a strip populated with the city’s best new restaurants, including LMNO by Stephen Starr, Evil Genius Brewery, Suraya, Goldie by Michael Solomonov, Laser Wolf by Michael Solomonov, Wm. Mulherin’s Sons, Hiroki Sushi, Pizzeria Beddia, Middle Child Clubhouse and Front Street Café, amongst others. 10 parking spaces will be included in The Development to accompany the 55 residential dwellings, as will 2,557 SF of ground-floor commercial space to further activate one of the most vibrant commercial corridors in all of Philadelphia. The Site is walkable to two (2) equidistant Septa train stations connecting directly into Downtown Philadelphia and University City in just minutes.
Anuj Khosla, Principal of Khosla Properties, said: “We are excited to expand our footprint in Fishtown and looking forward to delivering a beautiful building.”