709-717 N Penn St | Philadelphia, PA 19106
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709-717 N Penn St
Philadelphia, PA 19106
Pier 35 1/2 · Land For Sale · 1.52 AC
Investment Highlights
- Great location
Executive Summary
Pier 35 1/2
709-717 Penn
This opportunity is offered at $15,500,000
Build 61 units on the water by right!!
Amazing development opportunity for resale or long term hold.
~$65,000,000 of projected resale value!
The waterfront site consists of one 48 unit building, 12 luxury townhomes, A separate one story commercial space and 35 additional parking spaces in addition to the two car garage townhomes.
Once in a lifetime development opportunity to build riverfront homes in Center City Philadelphia! Can build 84 ft (7 stories is the plan).. This is a by right project - all within zoning code!
Approval submitted the first week in April 2022 - referral for CDR + REO Approved
Zoning Permits 3-4 Months - Prelim Storm Water Approvals
Geotech report, phase 1 and phase 2 environmental test available for review
Brochure: https://www.dropbox.com/s/wm34hdatxm7m69f/Pier%2035.5%20Brochure.pdf?dl=0
Zoning Permits 3-4 Months - Prelim Storm Water Approvals
Geotech report, phase 1 and phase 2 environmental test available for review
--------------------------------------------------
PIER 35.5 RESALE PRICING
A - (12) Four Story Townhomes
B - (1) Seven Story Multi-Family with 47 units. *Ground floor is Commercial space
C - (1) Additional Single Story Commercial
D - (35) Extra Parking Spots
Mid Rise building with 47 residential units and one commercial space
51,618 sq’ finished apartment space at $700 sq’ resale
$36,132,600
2743 commercial square footage at $1,000,000
(12) Four story homes
A1 units - 8 homes 3153 sq’ each 22’ 3/3.5 elevator tandem 2-car garage
$2,000,000 each with the east corner selling at $2,300,00
$16,300,000
A2 units - 2 homes 2928 ea 20.3’ 3/3.5 elevator tandem 2-car
$3,000,000 and $2,700,000
$5,700,000
B1 units 1 home 3766 sq 3/3.5 2 car side by side garage - elevator
B2 units 1 home 3316 sq 3/3.5 2 car side by side garage - elevator
$2,100,000 each
$4,200,000
(1) Additional single story commercial space. $1,400,000
TOTAL RESALE $64,372,000
--------------------------------------------------
The city of Philadelphia has already fully funded $300 million worth of development surrounding this subject property in addition to over $2.2 Billion of private capital investment in the immediate area from the Durst Organization of New York and others.
Relative Links:
https://www.phillyvoice.com/penns-landing-durst-organization-drwc-waterfront-philadelphia/
https://philly.curbed.com/maps/delaware-river-philadelphia-development-projects
709-717 Penn
This opportunity is offered at $15,500,000
Build 61 units on the water by right!!
Amazing development opportunity for resale or long term hold.
~$65,000,000 of projected resale value!
The waterfront site consists of one 48 unit building, 12 luxury townhomes, A separate one story commercial space and 35 additional parking spaces in addition to the two car garage townhomes.
Once in a lifetime development opportunity to build riverfront homes in Center City Philadelphia! Can build 84 ft (7 stories is the plan).. This is a by right project - all within zoning code!
Approval submitted the first week in April 2022 - referral for CDR + REO Approved
Zoning Permits 3-4 Months - Prelim Storm Water Approvals
Geotech report, phase 1 and phase 2 environmental test available for review
Brochure: https://www.dropbox.com/s/wm34hdatxm7m69f/Pier%2035.5%20Brochure.pdf?dl=0
Zoning Permits 3-4 Months - Prelim Storm Water Approvals
Geotech report, phase 1 and phase 2 environmental test available for review
--------------------------------------------------
PIER 35.5 RESALE PRICING
A - (12) Four Story Townhomes
B - (1) Seven Story Multi-Family with 47 units. *Ground floor is Commercial space
C - (1) Additional Single Story Commercial
D - (35) Extra Parking Spots
Mid Rise building with 47 residential units and one commercial space
51,618 sq’ finished apartment space at $700 sq’ resale
$36,132,600
2743 commercial square footage at $1,000,000
(12) Four story homes
A1 units - 8 homes 3153 sq’ each 22’ 3/3.5 elevator tandem 2-car garage
$2,000,000 each with the east corner selling at $2,300,00
$16,300,000
A2 units - 2 homes 2928 ea 20.3’ 3/3.5 elevator tandem 2-car
$3,000,000 and $2,700,000
$5,700,000
B1 units 1 home 3766 sq 3/3.5 2 car side by side garage - elevator
B2 units 1 home 3316 sq 3/3.5 2 car side by side garage - elevator
$2,100,000 each
$4,200,000
(1) Additional single story commercial space. $1,400,000
TOTAL RESALE $64,372,000
--------------------------------------------------
The city of Philadelphia has already fully funded $300 million worth of development surrounding this subject property in addition to over $2.2 Billion of private capital investment in the immediate area from the Durst Organization of New York and others.
Relative Links:
https://www.phillyvoice.com/penns-landing-durst-organization-drwc-waterfront-philadelphia/
https://philly.curbed.com/maps/delaware-river-philadelphia-development-projects
PROPERTY FACTS
| Sale Type | Investment or Owner User | Property Subtype | Residential |
| No. Lots | 1 | Total Lot Size | 1.52 AC |
| Property Type | Land |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 1.52 AC |
1 Lot Available
Lot
| Price | $15,500,000 | Lot Size | 1.52 AC |
| Price Per AC | $10,197,368 |
| Price | $15,500,000 |
| Price Per AC | $10,197,368 |
| Lot Size | 1.52 AC |
Fully Titled & Fully Zoned Approved for 61 units on the water
PROPERTY TAXES
| Parcel Number | 885879840 | Improvements Assessment | $0 |
| Land Assessment | $6,948,100 | Total Assessment | $6,948,100 |
PROPERTY TAXES
Parcel Number
885879840
Land Assessment
$6,948,100
Improvements Assessment
$0
Total Assessment
$6,948,100
zoning
| Zoning Code | CMX-3 |
| CMX-3 |
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