RRA/GREA sells three development sites totaling $47+ Million in Philadelphia, PA
PHILADELPHIA, PA –— Rittenhouse Realty Advisors, a member of GREA, is pleased to announce the sale of three development sites in Philadelphia: 650 Fairmount Avenue in the Northern Liberties neighborhood, 225-229 North 13th St. in Chinatown, and adjacent parcels in the Grays Ferry neighborhood located at 3114 Grays Ferry Ave., 3115-3119 Wharton St., 1216-24, 30-34, 1235, 1238, 1248, 1251 S. Patton St. and 1207-51 and 1228 S. Napa St.. The total consideration of the transactions was over $47 million.
All three sites will be developed by developers that are new to the Philadelphia region. 650 Fairmount, located in the heart of one of the hottest neighborhoods in the city for real estate development, has plans for 297 apartments, 107 townhomes, plus 21,000 s/f of commercial space. This four-year project started with the formation of a joint venture/partnership steered by RRA/GREA, followed by the planning and zoning approval process, and then a subsequent sale to Accurate Builders and Developers, a New Jersey developer. 225-229 N 13th St. is located in a Qualified Opportunity Zone and has plans for 81 apartment units in the heart of Chinatown. The Grays Ferry site will soon be home to 1,200 self-storage units. Total project development costs for all three sites is $150 million.
“Our team was able to secure buyers from California, New York, and North Jersey from networking at different conferences around the country. These developments will bring over $150 million of new development into the Philadelphia market,” said Ken Wellar, managing partner at RRA/GREA. READ MORE