A Center City development site that was previously approved for 162 apartment units is currently being listed for $8 million, writes Ryan Mulligan for the Philadelphia Business Journal.
In 2021, permits were approved to build a 12-story multifamily structure on the 11,500-square-foot parking lot on Callowhill Street.
However, the permits have since expired and would have to be renewed.
Considering the location is zoned CMX-5, there is a wide range of development opportunities, as its the city’s least restrictive zoning code.
The approved plans for the development called for 139 one-bedroom units, 17 two-bedroom units, and six studio units.
In addition, there would be two levels of underground parking, a rooftop deck, a mezzanine level on the inside, a fitness center, and a 2,700-square-foot lobby.
Ryan McManus, a broker for Agent PHL and Keller Williams Liberty Place, said he’s keeping the listing off-market because the owners could potentially still pursue development opportunities.
He and his team is also working on a study to see if more units could be added to the proposal.
“It’s a trophy site,” McManus said.
The property is currently owned by an entity associated with Bayview Hospitality Group, who paid $6.3 million for the site in 2020.
Read more the Callowhill Street development site in the Philadelphia Business Journal.
_____
