2221 N Front St, Philadelphia, PA 19133

Global Real Estate Advisors (GREA) exclusively presents the unique opportunity to acquire the fee simple interest in an approved multifamily development site situated at 2221 North Front Street in the rapidly gentrifying East Kensington section of Philadelphia. The site is approved for approximately 54,608 total square feet of construction, 60 residential units, and 5,877 square feet of commercial space. In addition, the project qualifies for the City of Philadelphia 10-year tax abatement, allowing new ownership to pay no taxes on the new improvements in year 1, and then escalates 10% each year for the following 10 years. Further, the site is situated in a Qualified Opportunity Zone.

The site is located in East Kensington, one of the most rapidly gentrifying neighborhoods in the Philadelphia MSA. Over the last 10 years, this section of the City has become a major focus of real estate developers, adding thousands of high-end apartments. What was once a working-class riverward has become the premier choice for young professionals. The subject property’s location boasts direct access to major roadways, including I-95, I-76, and I-476, as well as North Delaware Avenue, Lehigh Avenue, and Cecil B. Moore Avenue. In addition, the site is in proximity to public transportation routes via the York-Dauphin Station on the SEPTA Market-Frankford Line, allowing tenants a multitude of transportation options to access employment centers throughout the Philadelphia MSA.