If you read our articles often, you know we love a good adaptive reuse story. These types of projects are more rare than new construction projects in Philadelphia as many of the older buildings in the city that are viable for adaptive reuse have already been renovated, or, sadly, demolished over the last few decades. Fortunately, we’ve been able to tell you about many buildings that have been given new lives and we’re happy to be able to share another one with you today.
If you’ve ever walked by Hancock and Huntingdon Streets in West Kensington, you’ve likely noticed a hulking warehouse at 2545 North Hancock Street that has been sitting blighted for years. The structure was built in 1881 and was originally used as a carpet and yarn mill. Historic maps show that the Walter T. Styces-etal carpet yarn manufacturer and the Skyes Bros Carpet Mill once called the property home.
Today, if you walk by the site, you’ll see a transformation underway. Most of the old windows, which were formerly boarded up, have been opened. The roof of the shorter section of the complex on the north side has also been taken off.
You may be wondering what all of this work is for. The building is being converted into 49 residential apartment units along with 6 artist studio spaces. The construction permits also note that the building will have a gym when completed. Historic tax credits are being utilized for the project, which we imagine made it economically possible.
We’re extremely thankful that the development team opted to renovate this amazing building rather than razing it for a new construction project. The nearly 16,000 square foot site is zoned IRMX and the developer could have chosen to build a new 60 foot tall, 60,000+ square foot building by-right. We’re much happier to see this piece of Philadelphia industrial history preserved and reused.
How do you feel about this project? Are you happy to see this old carpet mill given a new life? Or, would you have a preferred to have seen it demolished and a new construction project built here?
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
Instagram: @agent.kyle