PHILADELPHIA, PA., August 12, 2021 – Scope Commercial Real Estate Services, LLC (“SCOPE”) announced today that it has closed the sale of 1700-30 North Howard Street, a 90,405-square-foot mixed-use development project located in the Olde Kensington/Norris Square neighborhood of Philadelphia. The property sold for $4,600,000.
SCOPE marketed the property on behalf of the Seller, Columbia Silk Dyeing Company, Inc. who has owned and operated the industrial property since 1973. SCOPE also represented the Buyer, an affiliate of Urban Conversions, who purchased, entitled, and designed the project. The project also benefited from being located within a Qualified Opportunity Zone. Senior Associate, Craig Thom, and Managing Director, Phil Sharrow led the transaction on behalf of SCOPE and the respective deal party.
“The Howard Street project will be a focal piece to the quickly developing neighborhood of South Kensington,” adds Craig Thom, senior associate with SCOPE. “The flow of development from Frankford Avenue and Front Street has spilled west to Howard and up American Street.”
“This project required zoning variance approvals, navigating the historical nomination and the complexity of a COVID-19 market,” noted Phil Sharrow, managing director of SCOPE. “So, it was important to the sales team to select a group that could see the transaction through while maximizing value on behalf of its Seller. SCOPE sees demand remain strong for well-located projects with another 300+ proposed units placed in contract by its investment sales team.”
Originally built in 1872-1876, the former industrial building was the decorating plant for the Franklin Flint Glass Works of Gillinder & Sons through 1914. The main building, 1700-06 N Howard, which sits on the corner of Cecil B. Moore Avenue and North Howard Street, is a historically recognized building that was designated in July of 2020. The renovation plans for the building preserves the original three-story Decorating Plant into the project’s new design.
The proposed plans, created by Coscia Moos Architecture, call for the construction of a 90,405-square-foot mixed-use development. The entire project will include 103 residential units over 3,500 square feet of ground-floor retail. The six-story new construction project will be integrated into the preserved Decorating Plant. The new construction portion will be five-over-one construction and will consist of masonry, zinc cladding, aluminum panels, and corrugated metal panels. Lower-level apartments will have direct access to preserve the townhome nature of the surrounding neighborhood. Proposed amenities include a roof deck with skyline views, an amenity lounge, a fitness center, a coworking lounge, 35 off-street parking spaces, and bike storage. The targeted completion date is Q2 2023.
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ABOUT SCOPE
SCOPE is the Philadelphia region's preeminent commercial real estate services firm. Privately held, SCOPE offers middle-market investment sales, debt & structured finance, and asset advisory services in the multifamily, mixed-use, and development asset classes. SCOPE empowers its agents through collaboration and technology. In effect, our clients benefit from the most current market intelligence available. This market intelligence coupled with decades of deal making experience ensures maximum return on investment.