709-17 N PENN ST Philadelphia, PA 19123
2.13 Acres Lot
UPDATED:
02/18/2025 06:24 PM
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID PAPH2441514
HOA Y/N N
Originating Board BRIGHT
Annual Tax Amount $97,259
Tax Year 2025
Lot Size 2.127 Acres
Acres 2.13
Lot Dimensions 140.00 x 624.00
Property Sub-Type Land
Property Description
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.
Location
State PA
County Philadelphia
Area 19123 (19123)
Zoning CMX3
Exterior
Utilities Available Natural Gas Available
Water Access Y
View Panoramic
Garage N
Building
Lot Description Bulkheaded, Level
Sewer Public Sewer
Water Public
Schools
Elementary Schools General Philip Kearny
Middle Schools General Philip Kearny
High Schools Kensington
School District The School District Of Philadelphia
Others
Tax ID 885879840
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Negotiable
Listing Terms Negotiable
Financing Negotiable
Special Listing Condition Standard
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