RRA SELLS PRIME CENTER CITY, PHILADELPHIA DEVELOPMENT SITE APPROVED FOR 60 UNITS FOR $4,000,000 +/-
PHILADELPHIA, PA–(4/22/20) – Rittenhouse Realty Advisors sold an 8,970 square foot development site located at 701 S. Broad Street in Center City, Philadelphia. The property was approved for 60 apartment units and was eligible for a 10-year tax abatement. The parcel has frontage on three streets: Broad Street, Bainbridge Street, and Kenilworth Street.
Ken Wellar, Managing Director at RRA, stated: “We were able to close a 60 unit development site during the middle of COVID-19 in the heart of Center City, Philadelphia. We are still seeing a lot of activity from developers looking for prime development opportunities”.
The site is located on Philadelphia’s “Avenue of the Arts” where many cultural institutions including the Kimmel Center and the Academy of Music are located. There is a subway stop for the Broad Street Line just two minutes away. It is also within walking distance to major area employers including Jefferson University Hospital and Pennsylvania Hospital.
“This is a great sale for RRA given the current environment we are in. With the excellent location we were able to sell the long-term upside in the project to the buyer,” said Corey Lonberger, Managing Partner at RRA.