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Listed by Ryan J McManus • Keller Williams Liberty Place
$ 8,000,000
Est. payment | /mo
11,513 SqFt
$ 8,000,000
Est. payment | /mo
11,513 SqFt
Key Details
Property Type Vacant Land
Sub Type Land
Listing Status Active
Purchase Type For Sale
Square Footage 11,513 sqft
Price per Sqft $694
Subdivision Center City
MLS Listing ID PAPH2533526
HOA Y/N N
Annual Tax Amount $80,579
Tax Year 2025
Lot Size 0.264 Acres
Acres 0.26
Lot Dimensions 101.00 x 100.00
Property Sub-Type Land
Source BRIGHT
Property Description
Sited just 4 blocks north of Philadelphia City Hall, 1428 Callowhill Street is centrally located in the urban core of Philadelphia, Pennsylvania — a “Top 10” USA MSA. Convenient access to Septa's Suburban Station provides accessibility to the full regional rail and underground subway network throughout PHL. The PA Convention Center is just 2 blocks South. The Market Street West CBD (Philly's top-tier office district) is also just 4 blocks south. A previously approved concept featured 162-apartments atop 2 floors of underground parking. However, as you'll see in the real-time article linked below, mandatory parking is no longer included in CM4-5 zones — eliminating a costly construction variable for developers. Currently, the site generates ±$100k/annually on a short-term parking basis via ParkMobile. In-place income satisfies the short term for developers seeking to alter the previously approved 162-unit concept. Alternative lower-cost construction models are incorporated in the pages below in “as of right” scenarios WITHOUT mandatory parking inclusions. The composition of the proposed ±104K SF, 12-storey, elevator building includes studio, 1bd + 2bd apartments with a blended average rent of $2267 per unit ($4.73/PSF). A deluxe lobby with mezzanine, fitness center and roof terrace complete the micro-amenity suite for The Property. 1428 Callowhill presents a Core, urban-infill, high-rise trophy development opportunity in the heart of Downtown Philadelphia — where extreme high barriers-to-entry exist and rental demand outpaces supply, particularly for Class-A apartment stock.
Location
State PA
County Philadelphia
Area 19102 (19102)
Zoning CMX5
Exterior
Water Access N
View City
Garage N
Building
Sewer Public Sewer
Water Public
Schools
School District Philadelphia City
Others
Tax ID 885714410
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Andrew Stimpfle
Salesperson | Lic# RS325850