20 real estate projects to watch in Fishtown, Northern Liberties and the surrounding neighborhoods
Travel around Fishtown and Northern Liberties these days and you’re bound to see several cranes and even more construction sites.
The area northeast of Center City and along the Delaware River has caught the attention of developers for the better part of the last two decades, but the residential development boom now underway is unlike anything Philadelphia has seen before.
With coveted parcels in Fishtown and Northern Liberties already targeted for multifamily proposals, it’s pushed other major projects into parts of South Kensington, Olde Kensington and Port Richmond as development ripples throughout the surrounding River Wards neighborhoods.
More than 20,000 multifamily units are expected to deliver in Philadelphia between 2023 and 2025, according to research from JLL, with roughly half of them being built in Northern Liberties, Fishtown and South Kensington.
Northern Liberties is pegged for 6,564 of the 10,452 apartments planned across those three neighborhoods. Another 2,172 are expected in Fishtown, with development of 1,716 units slated for South Kensington.
“There’s simply no historical precedent for this amount of supply coming on in such a short timeframe in such tight geography,” JLL Research Director Clint Randall said.
Before the end of 2021, developers rushed to get projects permitted so they could receive the city’s full 10-year tax abatement before the program was scaled back, essentially slicing the tax benefit’s value in half. Those developments are now reaching completion.
Mo Rushdy, managing partner of the Riverwards Group, which focuses its development in Fishtown and Kensington, said the tax abatement has been the single biggest catalyst for development in the area. Developers saw opportunities to build within walking distance of Fishtown and Northern Liberties’ thriving commercial corridors, and the tax abatement lessened the risk associated with building in neighborhoods that were not already hotspots for new construction.
“With that tax abatement, people were filling in Center City and land was getting filled up in established neighborhoods, and naturally people started going outward,” Rushdy said. “Now [doing projects] in Kensington works out, for example. Even though it’s not in the heart of Fishtown, it’s near [commercial corridors like] Frankford Avenue or 2nd Street. It’s a natural progression.”
The construction boom is likely at its peak, with Rushdy predicting a slowdown over the next few years due to high financing costs and the end of the tax abatement.
While developments like Post Brothers’ $500 million, 1,100-apartment Piazza expansion are nearing completion, dozens of others are kicking off or in the works. Here are 20 multifamily projects worth watching in Northern Liberties, Fishtown and the surrounding neighborhoods:
A rendering shows The Noble, a 360-unit apartment building being built at 200 Spring Garden St.
200 Spring Garden St. / 412 N. 2nd St.
Philadelphia-based National Real Estate Development and its partner Kushner Real Estate Group of Jersey City, New Jersey, have plans to give the area around North 2nd and Spring Garden streets a makeover with more than 700 new residential units. They topped off their 13-story, 360-unit apartment building at 200 Spring Garden St. this summer and plan to open the first residential units in early 2024. The $207 million project — dubbed The Noble — is planned to have 5,400 square feet of retail space and 10,000 square feet of public outdoor green space.
The project is part of a larger vision to link Old City and Northern Liberties. National Real Estate Development is also planning to build 400 units at 412-426 N. 2nd. St., on the northwest corner of North 2nd and Callowhill streets. Though a timeline hasn’t been set, demolition was recently completed.
A rendering of Somerset Station at the corner of Somerset and Tulip streets.
2200 E. Somerset St.
A massive 535-unit residential community that borders Port Richmond and East Kensington is underway. Work on the first 390 units of the two-phase project has started on the corner of Somerset and Tulip streets. The Riverwards Group said the first 200 units should be ready for leasing by November 2024. The development is the largest yet for the developer and will plant a major residential community on the outskirts of Fishtown, more evidence of how the building boom is spreading across neighborhoods.
Haverford Properties Group and Jefferson Apartment Group are moving forward with a two-building residential complex at 501 N. Christopher Columbus Ave. in Philadelphia
501 N. Christopher Columbus Blvd.
Jefferson Apartment Group and Haverford Properties are developing two buildings at 501 N. Christopher Columbus Blvd. with a combined 470 apartments fronting the Delaware River. The complex will also have 45,000 square feet of retail space anchored by Sprouts Farmers Market. The two buildings are both under construction and estimated to be completed around summer 2024. The 9-acre site sits on the edge of Northern Liberties and was formerly home to Festival Pier. The developers are leasing the land from the Delaware River Waterfront Corp.
Saxum Real Estate is building a 466-unit development in Northern Liberties at 711-35 Front St. The first phase, shown here in a rendering, has 279 units.
711-35 N. Front St. / 700 N. Delaware Ave.
Saxum Real Estate is developing a large-scale project that features 466 units and 15,000 square feet of retail. The 279-unit first phase of the project spans two full city blocks at 711-735 N. Front St. from Fairmount Avenue to Brown Street between Front Street and Delaware Avenue. Summit, New Jersey-based Saxum paid $17 million for both 711-735 N. Front St. and 700-30 N. Delaware Ave., which will be the site of Phase 2. Saxum secured a $77.5 million construction loan for the seven-story, 279-unit building in March.
A rendering shows Building E at 933 Canal St., or 918-80 Delaware Ave., a 124-unit building that’s part of GY Properties’ six-building, 462-unit development near Rivers Casino and the Delaware River waterfront.
918-80 Delaware Ave.
GY Properties paid a combined $25 million in 2021 for four adjacent properties along the west side of North Delaware Avenue facing Rivers Casino. The Philadelphia developer is now building out a mixed-use development comprising 462 apartments and 21,586 square feet of retail space split among six buildings. Three of the buildings, named Buildings B, C and D, are scheduled to be completed in January and will total 264 apartments and 13,000 square feet of retail space. GY Properties recently secured a $27.2 million construction loan for Building E, located at 933 Canal St. Building E is planned to consist of 124 units, cost $34 million total and could be delivered in 2026.
Southern Land Co. plans a new apartment building at 5th and Spring Garden streets in Philadelphia
418 Spring Garden St.
Southern Land Co.’s 12-story, 329-unit apartment building at 418 Spring Garden St. is under construction and planned to be completed by fall 2024. It sits on the southeast corner of 5th and Spring Garden streets across from the newly completed Carson development and Yards Brewing Co. After developing in University City and Center City, this is Nashville-based Southern Land Co.’s first move into the River Wards.
A rendering shows The Pump House, a 278-unit development at 2157 E. Lehigh Ave.
2157 E. Lehigh Ave.
Borkson Properties is building a 278-unit, four-building project at 2157 E. Lehigh Ave., at the intersection of East Lehigh Avenue and Tulip Street. Each of the four buildings is six stories tall. A combined 13,325 square feet of commercial space is also part of the project. Borkson Properties bought the 1.8-acre property for $2.7 million in 2019. The complex, named The Pump House, has 132 parking spaces, both surface and structured parking. The project is an example of how development has moved from Fishtown into Kensington.
A rendering shows a future building at 417 Callowhill St. This view is from the southwest looking toward the seven-story, 220-apartment building on the northeast corner of Callowhill and North 5th streets.
417 Callowhill St.
Pittsburgh-based Linden Street Investments is developing a seven-story, 220-unit apartment building at 417 Callowhill St. named The Keystone. At the northeast corner of North 5th and Callowhill streets, it’s part of a rapidly changing southern edge of Northern Liberties. The $80 million project is Linden Street’s first development in Philadelphia and is expected to be completed in summer 2024.
A rendering of the apartment building at 1700 N. Front St.
1700 N. Front St.
Construction at the corner of North Front Street and West Montgomery Avenue has begun on a five-story, 204-unit development in a growing section of Fishtown. The project, located along the El, is being developed by North Jersey-based Urby, which has residential buildings in Dallas, Jersey City and Staten Island. The project is being built on a parking lot and will have over 16,000 square feet of retail space, plans filed with the city show.
A rendering of Avenue V Phase II, a development by Riverwards Group.
1649 N. 5th St.
After selling the adjacent Avenue V for $25.2 million, the Riverwards Group is turning its attention to the vacant land next door for the second phase of the project. That will include 200 units at the corner of North 5th Street and Cecil B. Moore Avenue. The Riverwards Group has closed on a $32 million loan for the project and estimates buildout costs will total up to $42 million. Managing Partner Mo Rushdy said he sees an opportunity for the South Kensington intersection to be a center for a thrust of development in the area in the coming decade. He aims to begin leasing in the fourth quarter of 2024.
A rendering of the project planned at 933 N. Penn St.
933 N. Penn St.
In 2021, the city approved 195 residential units and ground-floor commercial space at 933 N. Penn St. The property sits between Rivers Casino’s parking lot to the north and GY Properties’ Waterfront Square condominium buildings at 901 N. Penn St. to the south. Property records list the site’s owner as West Highland Holdings LLC, an entity linked to developer GY Properties. Pelco Builders is the project’s construction company and Harman Deutsch Ohler Architecture is the architect. Construction is underway.
The former PECO Delaware Station site has been redeveloped as The Battery, a 500,000-square-foot building with apartments, short-term rentals, office space and a wedding venue.
1325 Beach St.
Lubert-Adler Real Estate Funds opened apartments for residents at The Battery this summer but the company continues to fit out the 500,000-square-foot campus at 1325 Beach St., which was previously a PECO power plant. In addition to 173 apartments, the site is planned to have 135,000 square feet of office space and 100,000 square feet of event space, including a 25,000-square-foot wedding venue. Rivers Casino plans to open a 62-suite boutique luxury hotel at The Battery by the end of the year.
A proposed 157-unit residential building at 2001 E. Lehigh Ave. in Philadelphia’s Kensington neighborhood.
2001 E. Lehigh Ave.
Developer Isaac Singleton has plans to build a six-story, 157-unit apartment building at 2001 E. Lehigh Ave. on the corner of East Lehigh and Frankford avenues at the site of what is now a tire shop. Singleton called the Kensington location an “extremely enticing spot” as development continues along the East Lehigh corridor. The development would have 59 underground parking spots and 7,763 square feet of commercial space. The project needs city approval for a residential use in the existing ICMX, industrial mixed-use, zone.
1440 N. Front St. will incorporate elements of the El architecture into the building.
1440 N. Front St.
Archive Development, which continues to establish its presence in Fishtown, is building a seven-story, 114-unit apartment building at 1440 N. Front St. on the southwest corner of North Front and Jefferson streets. Led by Henry Siebert, 24, and Ryan Kalili, 25, Archive plans to break ground on the $30 million project this fall. It’s planned to be 85,000 square feet with 2,000 square feet of retail space that could potentially be used for a restaurant.
The Frankford will be developed at 1120 Frankford Ave. in Philadelphia. US Construction is the developer.
1120 Frankford Ave.
U.S. Construction is developing a prime vacant lot in Fishtown, building 107 apartments where the Welcome to Fishtown mural once greeted people to the neighborhood. The lot at 1120-36 Frankford Ave. is situated next to Barcade and across from Source Urban Brewery on a popular strip of Frankford Avenue. The five-story building will have commercial space on the first and second floors.
A rendering shows a future view of Alterra Property Group’s 107-apartment building at 23 W. Girard Ave. near the border between Fishtown and Northern Liberties.
23 W. Girard Ave.
Alterra Property Group is building a mixed-use multifamily building at 23 W. Girard Ave. with 107 apartments, 5,600 square feet of ground-floor retail and 29 parking spaces. It’s expected to be completed in late 2024. The site is just east of the Girard station on SEPTA’s Market-Frankford Line, on the corner of Girard and Leopard streets. A 7-Eleven store previously located at the site was demolished.
A rendering of the 96-unit project at 901 N. Front St.
901 N. Front St.
The proposed Northern Liberties building would sit at the corner of North Front and Poplar streets, bringing 96 units to an area just west of Delaware Avenue. The project is being developed by Bridge One Construction, along with design by Philadelphia-based Designblendz Architecture. Initial plans call for seven stories with a mix of one-bedroom and studio apartments, making it a potential landing spot for young professionals a short walk from restaurants, entertainment venues, and walking and biking trails. The proposal includes 24 parking spaces and 27 bike spaces. The building sits adjacent to the massive 462-unit project at 918-980 Delaware Ave.
A view of 130 W. Girard, which would take the place of a closed Truist bank branch.
130 W. Girard Ave.
Hightop Development is building an 84-unit project on the site of a former bank branch just outside of the Girard stop on the Market-Frankford Line. Plans call for a mix of studio, one-bedroom and two-bedroom apartments with 11 underground parking spaces, a fitness center, conference rooms and a 2,500-square-foot rooftop terrace. It would add another development along the El as developers continue to vie for waning inventory near Girard and Frankford avenues.
A rendering shows the One Frankford development from Frankford Avenue.
945 Frankford Ave.
Archive Development’s seven-story, 78-unit apartment building at 945 Frankford Ave. sits on the corner of Frankford and North Delaware avenues. As the “gateway” into Fishtown, Archive views the project as an important way to leave a mark on the neighborhood. The $25 million project, named One Frankford, broke ground in July with an expected delivery date in the first half of 2025.
The 55-unit development from Khosla Properties, seen here in a rendering, sits behind the Market-Frankford Line.
1713-21 N. Front St.
On a burgeoning stretch of Front Street nestled against the El, 55 units are planned. The building would sit wedged between Fishtown hotspots like Goldie and Evil Genius Beer Co. Khosla Properties acquired the property at 1713 N. Front St. for $3.2 million last October and plans to spend $15 million to develop the building. The young development team could bring more food and drink options to the corridor. Original plans called for 2,600 square feet of ground-floor commercial space, but Khosla Properties has applied for a variance to convert parking to another 2,932 square feet of commercial space for an additional tenant. The developers expect to begin demolition and construction in the fourth quarter of 2023. The building is being designed by Canno Design.
