Opportunity Zone development site: Real estate investments made by individuals through special funds in these new zones can defer or eliminate federal taxes on capital gains and avoid future tax penalties often associated with real estate investing. One hundred billion dollars in capital are expected to spur development in these zones. Frankford Ave: welcome to the coolest street in the hippest area of Philadelphia, Fishtown. This +/-3000 SF prominent corner parcel can accommodate ground floor retail, parking and apartments above or it can become standalone retail/commercial to create another Fishtown destination. The 2350 SF single-story structure is slab-on grade solid construction supported by steal beams and would make a solid foundation to build additional stories on top, or could be refurbished for a single-story end user. The Fishtown area has consistently proven itself to be the most in-demand place for cutting-edge food + drink establishments with notable national attention for many places such as Suraya, Pizzeria Beddia, La Colombe, Wm Mulherins Sons + more. Aether just opened its doors right across the street to critical acclaim, and new construction condos + townhomes are selling out fast right across the street and all over Fishtown as it has quickly become the top destination in the city for homebuyers. National retailers like Starbucks and Lululemon are also taking note and contributing to the retail streetscape here on Frankford Avenue. Pop artist MOMO designed a vibrant eye-catching abstract mural on the Berks Street side of the building which runs the length of the property, lending the property even more local authenticity and street appeal. Redevelop this asset and qualify for Philadelphia~s 10yr tax abatement program to only pay taxes on the unimproved (existing) value. This area is a millennial magnet, heavily concentrated with New York investment seeking higher returns and strong rent growth + appreciation in addition to retail success and residential sales. Please note the neighboring parcels can be packaged to total up to 150 feet of frontage on Frankford Avenue for over 14,000 SF of contiguous mixed-used redevelopment. Inquire within. Recent press clippings focused on Fishtowns thriving scene include Vogue Magazine, Forbes, Philadelphia Business Journal and more. This is a transit-oriented development (TOD) site located within a few hundred yards of SEPTA's Berks station on the Market-Frankford El, bringing riders to and from Center City and University City seamlessly.
lot 2,936 sqft Hartranft