PHILADELPHIA, PA — Max Spann Real Estate & Auction Company announced the offer at auction of an approved twenty-nine-unit, sixty-bed mixed-use development site on North Broad Street in Philadelphia, Pennsylvania. The property will be sold at auction concluding Thursday, February 9, 2023, at 1:00 PM ET. Bidders may bid on their computer or through the Max Spann phone app.
The cleared and “shovel ready” site is located on North Broad Street between Temple University’s main and medical campuses in the heart of the City of Philadelphia. This proposed five-story, 34,000+/- SF mid-rise building is approved for twenty-nine residential units, sixty beds, one commercial unit, and on-site parking.
This project qualifies for the Federal Opportunity Zone, with 10-year tax abatement in place. The Qualified Opportunity Zone has been established to provide significant tax relief to any investor. According to https://dced.pa.gov, “any individual who makes investments through special funds in these zones can defer or eliminate federal taxes on capital gains.”
The property will be sold on Thursday, February 9, 2023, at 1:00 PM ET. The property is guaranteed to be sold at or above $750,000. A Property Information Package with terms, plans, environmental information, and online bidding instructions is available by visiting www.maxspann.com or calling 888-299-1438.
“This site is fully approved so a builder can step right in and start construction, we have all of the plans,” said Robert Dann, Auctioneer and Executive Vice- President of Max Spann Real Estate & Auction Co. “I love the location right on North Broad, just above Temple’s main campus and below Temple Hospital.”