MPN. S broad street corner development site. 701 s broad street, philadelphia, pa 19147

Transcription

1 S broad street corner development site 701 s broad street, philadelphia, pa Walnut St, Philadelphia, PA

2 corner development site FOR SALE 701 s broad street Avenue of the Arts, Philadelphia Property Overview Price $5,200,000 Lot Size 100 x 90 Lot Area 8,970+/- SF (.21 AC) Total Area of Building 2,838 SF Real Estate Tax Assessment 2015 $677,000 Real Estate Tax 2015 $9,071 Surface Parking 24 car parking on-site Frontage 100 on S Broad St 90 on Bainbridge St 90 on Kenilworth St Site Shape Rectangle Zoning CMX-3 Exterior Brick Walk Score

3 CMX-3 Zoning Potential Re-Development: Properties in CMX-3 zoning are permitted a base FAR (Floor Area Ratio) of 500% and up to an additional 300% with bonuses. Therefore, the subject property has a potential base FAR of 57,408 SF. CMX-3 Corner Lot FAR: 8,970 SF x 80% x 500% = 35,880 SF Bonus Mixed-Income or Green Building FAR: 8,970 SF x 300% = 21,528 SF Total Potential Base FAR: = 57,408 SF Prospective purchasers are advised: Please verify and consult with an architect to determine the exact formulas for calculating bonus square footage. There are numerous factors which contribute to eligibility of bonus floor area such as design, setbacks, etc. Max. occupied area = 75% intermediate = 80% corner Min. font yard depth = N/A Min. side yard width = 8 FT if used for building with dwelling units Min. rear yard depth = N/A Max. FAR = 500%; up to an additional 300% with bonuses cmx-3 Description: Community commercial and residential mixed-use Uses permitted as of right: Household Living Commerical Offices Professional Services Retail Grocery Convenience Store Sit-Down Restaurant Educational Facilities Government Offices Visitor Accomodations Uses requiring special exception approval: Surface Parking Typical CMX-3 Zoned Building

4 Jack depaul christopher cimino omissions, change in price, or other conditions, prior sale or Lease, or withdrawal without notice. The prospective tenant should carefully verify to his/her own satisfaction

5 Jack depaul christopher cimino omissions, change in price, or other conditions, prior sale or Lease, or withdrawal without notice. The prospective tenant should carefully verify to his/her own satisfaction

6 Neighborhood The property is located on the southeast corner of South Broad St and Bainbridge St in the Expanded Center City District. The location is only seven blocks south of City Hall and is in close proximity to all of the amenities of the city s Central Business District. The property is located at the southern end of the Avenue of the Arts which extends from City Hall southward to Washington Avenue and from City Hall northward to Huntington Street. The Avenue of the Arts consists of an exciting mix of cultural experiences including opera, ballet, pop, jazz, and symphonic music, classic drama, and musical theater. It is considered to be the link that joins the city s cultural and entertainment attractions into a unified entertainment link and solidifies Philadelphia as a world class destination city. The Avenue of the Arts dramatically increases the number, quality, and availability of the city s arts and entertainment experiences, providing attractive and appropriate facilities for experimental and community based arts groups, established cultural organizations as well as internationally recognized artists. The Avenue of the Arts is considered by many to be the cornerstone of the city s economic revitalization, fostering regeneration and renewal along Broad Street and the surrounding neighborhoods, making Philadelphia a safer and more inviting city for business, residents, and visitors. The increased audience, activities, and security have brought continued economic stability to the adjoining neighborhoods. It is also a major benefit for the city s convention and hospitality industry, enhancing the city s cultural image. Overall, the residential housing has remained strong, due to increased demand from a diverse demographic, which includes university students, recent graduates, young professionals relocating to Center City, longtime apartment residents upgrading to new housing, and empty nesters returning to the city. While the allure of the suburbs remains strong for families with children, demand for downtown housing across American cities has been driven by young professionals without children. The old manufacturing base that once defined employment in Philadelphia neighborhoods has been replaced by a combination of knowledge based industries such as health care, education, business and professional services, financing, the hospitality sector, and information. Three square miles of Center City contains the largest concentration of jobs in Greater Philadelphia. An integrated commuter rail and public transportation system gives employees throughout the region easy access to downtown employment opportunities.

7 Neighborhood Center City is the regional hub of an extensive transportation network, including highways, inter-city and regional rail lines, subways, trolleys, buses, and 150 miles of bicycle lanes. This network provides excellent access to Center City s office buildings and universities. The close proximity of residential communities to the business district enables about 35% of Center City residents to walk to work, compared to the national average of 3%. The integrated transit system of SEPTA, NJ Transit, and PATCO enables about 65% of Center City office workers to commute by public transit. Those choosing to drive can park in more than spaces available off-street in Center City s 523 garages, or at more than 6,400 metered spaces. Amtrak s 30th Street Station, the second busiest train station in the country and an architectural landmark, places Center City less than two hours away from New York, Baltimore, and Washington, DC. HAWTHORNE NEIGHBORHOOD The Hawthorne neighborhood is located within the southern section of the expanded Center City District. It is bounded by South Street to the north, 11th Street to the east, Washington Avenue to the south, and Broad Street to the west. Hawthorne is home to over 2500 residents. Residential land use includes primarily two and three story attached single-family dwellings, some of which have been converted to multifamily dwellings and condominiums. The major commercial development in the area is located along Broad Street as well as Washington Avenue. Commercial uses include retail stores, small office buildings, fast food restaurants, and mixed use buildings of small retail on the first floor and apartments on the upper floors. Industrial land uses are scattered along Carpenter Street and Washington Avenue. The area is served well by mass transit facilities. SEPTA provides bus service along Broad Street. The Broad Street Subway extends the length of Broad Street from Fern Rock to Pattison Avenue and connects with the Market Street Subway/Elevated system to the Northeast and West Philadelphia. It can be accessed at Lombard Street. Broad Street also provides access to the Vine Street Expressway, which connects to the Schuylkill Expressway to the west, and I-95 to the north and south; and the Benjamin Franklin Bridge and Walt Whitman Bridge to New Jersey to the east. SEPTA s Regional Rail Line, which can be accessed at Suburban Station, provides convenient access to Bucks, Montgomery, Delaware, and Chester Counties, and also to the Philadelphia International Airport.