Philadelphia, March 8, 2023 – Scope Commercial Real Estate Services, LLC (“SCOPE”) has announced today that it has closed the sale of 1201-15 Callowhill Street, a 144-unit ground-up mixed-use development project located in the Callowhill neighborhood of Philadelphia. The property sold for $7,900,000.
SCOPE exclusively marketed the property on behalf of the seller, an affiliate of Patriot Parking Inc. Managing Director, Phil Sharrow led the transaction on behalf of SCOPE and the respective deal party. The buyer, a regionally based qualified opportunity fund joint venture, purchased the property with zoning and building permits in place that required revision. The property was sold with a full ten-year tax abatement and partial construction documents.
“The Callowhill project started as a lower density co-living concept with a master lease from an operator that did not survive the COVID-19 pandemic,” adds Sharrow. “SCOPE worked closely with the seller and its architect to revise the project to a market-rate format and maximize the sale as there was minimal interest in its co-living concept because of various market constraints.”
The project site consisted of approximately 20,000 square feet with CMX-4 zoning in a qualified opportunity zone. 1201-15 Callowhill sold at approximately $395 per land square footage and $55,000 per buildable unit, setting another high-water mark comparable for this submarket.
“SCOPE is also affiliated with over 150 units currently under construction at 1201 Vine Street, and 500 N 13th Street, less than two blocks away from the subject property,” comments Sharrow. “On North Broad Street, Toll Brothers is currently completing their envelope on a high-rise multifamily rental project. Developers see this pocket as a very central neighborhood to Philadelphia that has many of the same creative drivers and features that other rapidly appreciating neighborhoods in major cities were predicated on.”
The Callowhill neighborhood was once home to many of Philadelphia’s early manufacturing businesses and the landscape is full of old warehouses, carriage homes, etc. Presently, Callowhill is full of creative workspaces, breweries, and restaurants with ease of access to Broad, Vine, and I-676, connecting to Center City’s market drivers. The neighborhood also benefits from the redevelopment of the Rail Park, an elevated greenway that will stretch miles long in addition to a soon-to-come pedestrian greenway on Spring Garden Street that will stretch from river to river.
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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.