709 N Penn Street
Philadelphia, PA 19123
- – beds
- – baths
- – sqft
- ~2 acre lot
**Amazing Development Opportunity in Center City** Discover an unparalleled development opportunity at 709-17 North Penn Street, perfectly positioned on the waterfront in Center City. This prime location offers a versatile investment for either resale or long-term hold, currently available for $15,500,000. Alternatively, you can choose to purchase half of the development, with options to buy and build the (47) unit multi-unit side or the (12) luxury townhome side. Separate pricing is available upon inquiry. **Flexible Purchase Options:** - **Seller Incentives:** The seller is willing to purchase back your first two townhomes to assist with pre-sales, offering a unique advantage to developers. - **Owner Financing:** The seller is open to owner financing, providing flexibility to get you into the deal with less cash out of pocket. - **Creative Solutions:** The seller is committed to making this project as lucrative as possible, offering creative solutions tailored to your needs. **Development Highlights:** - **By-Right Build:** Construct 60 units on the water, fully compliant with zoning codes. - **Projected Resale Value:** Estimated at $68,000,000, this high-density project is a sound investment. - **Comprehensive Site Plan:** The waterfront site includes a 47-unit building, 12 luxury townhomes, a separate one-story commercial space, and 35 additional parking spaces, alongside two-car garage townhomes. - **Building Specifications:** The plan allows for construction up to 84 ft (7 stories). **Approvals and Reports:** - **Zoning and Permits:** Approval submitted in April 2022, with CDR + REO approved. Zoning permits are expected within 3-4 months. - **Environmental and Geotechnical Reports:** Preliminary StormWater Approvals obtained, with geotech report, phase 1, and phase 2 environmental tests available for review. Join the wave of billions of dollars in development on the waterfront surrounding this project. This is a rare opportunity to invest in a high-demand area with significant growth potential. Contact us today to explore this exceptional development opportunity and discuss how we can make it work for you.
Last checked:
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Last updated Feb 19, 2025
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MLS# PAPH2441514 —
Financial & Terms
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Sale Type:Standard
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Acceptable Financing:Negotiable
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Possession:Negotiable
Location
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Directions:Spring Garden St to N Delaware Ave to N Penn Ave.
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Latitude:39.96097183
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Longitude:-75.13584137
The Property
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Property Subtype:Land
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Property Type:Land
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Current Use:Vacant
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Lot Size Units:Square Feet
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Lot Size Acres:2.13
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Lot Size Source:Assessor
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Lot Size Dimensions:140.00 x 624.00
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Lot Dimensions Source:Assessor
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Lot Features:Bulkheaded, Level
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Lot SqFt:92,641 Sqft
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Additional Parcels:No
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Zoning Description:Commercial Mixed Use
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Zoning:CMX3
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View:Panoramic
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Waterview:No
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Waterfront:Yes
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Water Oriented:Yes
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Water Access:Yes
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Water Body Type:River
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Navigable Water:Yes
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Water Frontage In Feet:1
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Farm Land Preservation:No
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Land Use Code:SC
Listing Agent
- Contact info:
- Agent phone:
- (215) 260-5860
- Office phone:
- (610) 947-0408
Taxes
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Tax ID Number:885879840
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Tax Year:2025
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Tax Lot:9
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Tax Annual Amount:$97,259
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Tax Assessed Value:$6,948,100
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Year Assessed:2025
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School Tax:54466.0
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City/Town Tax:42793.00
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Total Taxes Payment Frequency:Annually
Utilities
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Utilities:Natural Gas Available
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Sewer/Septic:Public Sewer
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Water Source:Public
Schools
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Elementary School:General Philip Kearny
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Middle School:General Philip Kearny
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High School:KENSINGTON
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School District Name:The School District Of Philadelphia
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School District Source:Listing Agent
The Community
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HOA:No
Extra Units
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Vacation Rental:No
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Max Internet Speed
Provided by BroadbandNow®
This is the maximum advertised internet speed available for this home. Under 10 Mbps is in the slower range, and anything above 30 Mbps is considered fast. For heavier internet users, some plans allow for more than 100 Mbps.
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
2/18/25
Feb 18, 2025
|
Listed / Active | BRIGHT | $15,500,000 |
