RRA, A MEMBER OF GREA, SELLS 107 UNIT REDEVELOPMENT SITE IN FISHTOWN NEIGHBORHOOD OF PHILADELPHIA FOR $5.75 MILLION
PHILADELPHIA, PA–9/1/22) – Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of a development site located at 1120 Frankford Avenue in Philadelphia, future home of a 107 unit apartment complex called “The Frankford.” The property will be constructed by Philadelphia based U.S. Construction Inc. and will contain 15,000 square feet of commercial/retail space.
Located just off of the intersection of Frankford Avenue and Girard Avenue in the heart of Philadelphia’s dynamic Fishtown neighborhood, The Frankford will offer residents a state-of-the-art amenity package and luxurious apartment units.
“We were very excited to help put this project together,” stated Ken Wellar, managing partner at RRA/GREA. “This is one of the most prime redevelopment sites in all of Fishtown. U.S. Construction is planning a state-of-the-art mixed-use project that will fit in well with the already developed neighborhood of Fishtown.”
Fishtown has transformed in recent years to a cultural and dining destination. The property will be walking distance from best-in-class bars, cafes, restaurants and entertainment venues as well as the Girard SEPTA Station to Center City, Philadelphia.
Alan Krawitz, a senior associate at RRA/GREA, noted: “The location of the development project was the most significant driver of demand. We had several institutional groups bidding on the project, which highlights the national recognition that Fishtown is garnering. Previously, institutional capital focused on Center City and University City Philadelphia without regard for the surrounding neighborhoods. This process, and other projects in the pipeline prove the radius of investable areas in Philadelphia is expanding.”