Patterson-Schwartz Real Estate709-17 N Penn Street, Philadelphia, PA 19123-3128 $15,500,000
Description
**Amazing Development Opportunity in Center City** 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.
Lot Dimens: 140.00 x 624.00
Front Footage:
School Dist: The School District Of Philadelphia
Condo Assoc: No
Features
Water
Water Oriented: Yes; Water Front: Yes; Water Access: Yes; Water Body Type: River; Navigable: Yes;
Utilities
Public Water, Public Sewer, Natural Gas Available
Lot
Bulkheaded, Level Lot, Panoramic View
Select a school from the following list. Schools are grouped by school type.
The schools on this list are selected by their proximity of up to 5 miles to the property address.
Proximity does not guarantee enrollment eligibility. Please contact the school directly for more information on enrollment requirements.
* If there are more than 5 schools of any type within a close proximity, click on the button to see additional schools of that type near the search address.
Public Elementary (127 schools)
Public Middle (27 schools)
Public High (61 schools)
Private (80 schools)
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This report is a detailed community overview for Philadelphia (19123), Pennsylvania.
Community Quick Facts
- Average travel time to work for people in this community: 32
- Average salary of people in this community: $73,354
Community Summary
- Population Density (ppl / mile): 12,524
- Household Size (ppl): 2.10
- Households w/ Children: 32%
Housing Inventory
- Owned: 2,656 (30.1%)
- Rented: 5,365 (60.9%)
- Vacant: 791 (9.0%)
- Total: 8,812
Population Demographics
The population of the community broken down by age group. The numbers at the top of each bar indicate the number of people in the age bracket below.
Climate and Weather
The Temperature chart displays average high and low values for January and July, and is designed to provide an indication of both seasonal and daily temperature variability. The Weather Risk Index indicates the calculated risk of each type of weather event occurring in the future. This risk is based on historical localized storm events and weather patterns. The national average for each type of weather event equals a score of 100, so a score of 200 would represent twice the risk as the national average, and a score of 50 would represent half the risk of the national average.
Temperature
Education
Highest Level of Education Attained
- Less than 9th Grade: 3.9%
- Some High School: 6.1%
- High School Graduate: 17.3%
- Some College: 11.8%
- Associate Degree: 3.0%
- Bachelor's Degree: 33.2%
- Graduate Degree: 24.6%
Income by dollar range
Median Income: $78,444
Fair Market Rents
The Fair Market Rents show average gross rent estimates based on figures provided by the U.S. Department of Housing and Urban Development (HUD).
- Studio: $741
- One Bedroom: $1,096
- Two Bedroom: $1,777
- Three Bedroom: $1,216
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Contact Information
Schedule an Appointment to See this Home
Request more information
or call me now at 302-733-7047
Listing Courtesy of: Compass Pennsylvania, LLC , (610) 947-0408, marianne.dillon@compass.com
The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Patterson-Schwartz Real Estate participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information Deemed Reliable But Not Guaranteed.
Copyright BRIGHT, All Rights Reserved
Listing data as of 3/13/2025.
