PHILADELPHIA, PA — Rittenhouse Realty Advisors announced the recent sale of a large development parcel located at 700 North Delaware Avenue in Philadelphia, PA. RRA represented the sellers, the Piazza family, owners of the Piazza Auto Group, which operates numerous car dealerships in the Philadelphia area. The lot, which has approvals for 488 units, was sold to development company Saxum Real Estate. The group has plans for a fully-amenitized, mixed-use project for the site.
The property is located in the Northern Liberties neighborhood, which has seen unprecedented redevelopment in recent years. Future tenants will have easy access to the Market/Frankford Spring Garden SEPTA station with trains to Center City and University City, as well as I-95 and I-76. The property is also within walking distance to the numerous dining, shopping, and entertainment options of 2nd Street in Northern Liberties, as well as Old City to the south and Fishtown immediately north. The development will have water views of the Delaware River and will be close to Penn Treaty Park, a popular waterfront park for recreation and events.
Delaware Avenue has previously been known as an entertainment district, with nightclubs and bars located along the river. The need for large scale, mixed-use housing developments in this area has occurred as a result of the recent development boom and population growth of this Center City adjacent neighborhood. Several national, regional and local developers are planning large scale projects on Delaware Avenue. Ken Wellar, managing partner at RRA, stated: “It is very exciting to finally see projects break ground on Delaware Avenue. Considering this property will sit across from the water and is located in Northern Liberties and so close to Fishtown, we believe it will attract a younger demographic once it is finished.”
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
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