The area between 5th and 6th Street surrounding Cecil B. Moore Avenue has some of the coolest loft-style apartment buildings in the city. Along 5th Street, you have the Sewing Factory, The Tie Factory, and The Lamp Factory. Human Robot Brewery and Suttons bar and restaurant also call this block home. On the corner of 6th and Cecil B. Moore is another loft building, The Button Factory, which is currently surrounded by a surface parking lot. Currently being the key word here as is looks like that may soon change.
In anticipation of November’s Civic Design Review (CDR) meeting, plans have been released for a multifamily development on the surface parking lot at Randolph Street and Cecil B. Moore Avenue. The plans call for a 4-story, 45 foot tall building with 74 residential units and 9 automobile parking spots on the 22,431 square foot, RM-1 zoned parcel at 1700 Randolph Street.
The building will primarily be clad in brick, Hardi Panels, metal panels, and cast stone. There will be an outdoor terrace on the 4th floor at the corner of Randolph and Cecil B. Moore. The automobile parking entrance will be located along 6th Street. Many of the first floor apartments will have private entrances from the street whereas a residential lobby along Cecil B. Moore will service the units on the upper floors.
No permits have been issued for this project to date, but it can proceed by-right as planned.
We’re definitely excited to see this parking lot developed into homes for a bunch of people. This area has seen a ton of rent and home price appreciation over the last several years so we are happy to see more supply planned for the market.
How do you feel about this project? Are you happy to see a parking lot turned into homes?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property
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