Fully entitled residential development site located in Paradise Hills submarket of Philadelphia, Pennsylvania. This 23,500 SF Qualified Opportunity Zone (QOZ) corner parcel is approved to build 24 townhomes with garage parking, the ultimate urban luxury. Buy and build! Create a new supply of affordable new construction homes for a drastically underserved market. Buyer demand for this new build townhouse with parking product is at an all time high. Home sales projected in the low 400s, ideal starter homes or move up homes for millennial/professional demographic. 3 different unit types designed with modern 3bd x 2.5ba 2100-2400 SF 4storey floorplans with sky terraces and green roofs. This community was designed with dramatic curb appeal and spacious interior layouts. COLLECTIVE: An impressive development team has been assembled: a renowned architectural firm designed the plans; a reputable general contractor has been obtained to build; a leading local bank has provided the term sheet. Detailed construction budget and development pro forma available upon request, along with Phase 1 environmental and Geotech reports plus comprehensive appraisal report from top valuation advisory services firm. Zoning permits in hand; building permits expected Q2 2020. Qualify for the coveted 10yr tax abatement which will no longer be available in 2021. LOCATION: This boutique new development is located in Philadelphias blossoming riverside community known as Paradise Hills, just off iconic Kelly Drive and across from the historic Laurel Hill Cemetery, bound by Fairmount Park, the nations largest urban park. Bisected by the thriving Ridge Avenue corridor, which leads into East Falls and Manayunk, this emerging neighborhood is poised for a new decade of tasteful growth, starting now with this new development dubbed Paradise Peak. Hundreds of new rental units and retail are in planning and under construction in the immediate area. Quick access to Bala Cynwyd shopping and office district. 5 miles to Amtraks 30th Street Station (downtown Philadelphia). Just up the hill from Schuylkill River Trail, Phillys top outdoor amenity, rated the best urban trail in America. Less than 20min (1M) walk to Septa East Falls Station connecting residents directly into downtown Philadelphia. Please note legal address has been changed to 3430 West Westmoreland Street Philadelphia PA 19129. Marketing and development materials available upon request.
