Description

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, has been retained on an exclusive basis to arrange the sale of 1650 W Girard Avenue (the “Site” or “Property”), a 0.76-acre development site located in the Fairmount neighborhood. The offering presents investors with the opportunity to acquire one of the few remaining developable parcels in Fairmount. Ownership advanced a design (since lapsed) for 209 residential apartment units, 3,335 square feet of ground-floor commercial space, and 71 parking spaces, and the Site can accommodate up to 164,895 SF by right. For investors seeking a lower-density, the Site’s size and configuration also lend themselves to a townhome scheme, with preliminary test fits indicating the potential to accommodate approximately 25 townhomes.

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Attributes

Land area gross

32,979 sf

Zoning

CMX-3

Existing Use

Parking Lot

Media

Investment Highlights

Development Precedent – Prior ownership design (since lapsed), contemplated 209 units, 3,335 SF of retail, and 71 parking spaces.
Step-Down 10-Year Tax Abatement – Step-down real estate tax abatement from the City of Philadelphia, supporting investor returns during the hold period.
Qualified Opportunity Zone – Federal tax incentives for long-term capital gains deferral and exclusion.
High-Density CMX-3 Zoning – Up to 164,895 SF by right with bonuses to 247,343 SF.
Transit-Oriented Location – Two blocks from Broad Street Subway with walkable Center City access.