Fully Approved Adaptive Reuse Opportunity 5115-5139 Belfield Ave

5115-39 Belfield Avenue was built between 1875-1900 and was most notably occupied as the Bellevue
Worsted Mill, which became nationally known for men’s suits, shirts and overcoats. The property, situated in
the East Germantown section of NW Philadelphia, is trapezoidal in shape and is comprised of two buildings;
2 stories and 4 stories. The buildings are constructed with schist exterior walls and timber columns and
trusses. The topography of the site is unique in that Belfield Avenue is a large retaining wall on the South
side and the property boundaries slope down into the site on all other sides.
The entire property is currently vacant and offers a tremendous adaptive reuse opportunity. There are in-place approvals for conversion to 77 residential units with 67 parking spaces (zoning permit valid through
January 2025; potential to extend for an additional year). The property is on both the local and national
Register of Historic Places and would qualify for Federal Historic Tax Credits as well as potentially state
historic tax credits. Additionally, because this would be an adaptive reuse of an existing structure, it may be
eligible for the original full 10-year tax abatement (prospective buyers should consult with their own
legal/consultants).
Additionally, the property could be leased and it is conducive to a number of uses. The current I-2 zoning
designation allows for such as warehouse, moving and storage facilities, vehicle repair and maintenance and
building supplies and equipment.