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RRA Sells Redevelopment Opportunity In Washington Square West For $2,100,000

by RRA on August 23, 2018
RRA Sells Redevelopment Opportunity In Washington Square West For $2,100,000

Rittenhouse Realty Advisors is pleased to announce the sale of 1307 Locust Street, located in the Washington Square West neighborhood of Center City, Philadelphia.  The property is a four-story historic building containing 7,500 square feet with CMX-5 zoning, along with potential historical tax credits, which made it an appealing redevelopment opportunity.

The new owner plans to take full advantage of the prime location and development-friendly zoning of this property.  Ken Wellar, Managing Partner at RRA, stated: “The new owner plans to do a gut rehab while maintaining the character of the historic building, and transform it into high-end apartments.”

Washington Square West is one of the most desirable neighborhoods in the city, home to many of Philadelphia’s top restaurants, several beautiful parks, the famous, historic Antique Row, and some of the city’s top employers: Penn Medicine (Pennsylvania Hospital) and Jefferson University Hospital.  Future tenants will also enjoy easy access to the new neighborhood amenities brought by the Market East Development which plans for high-end fashion boutiques, restaurants, and a movie theater.

Chris Egan, a Senior Associate at RRA, noted: “At one point, 1307 Locust Street was a beautiful, luxury residence. Thankfully, the unique architectural features were well-maintained over the years.  The buyer plans to reposition and restore this building to its former glory.”