Permits have been issued for the construction of a three-story, nine-unit multi-family building at 712-14 North Preston Street in Belmont, West Philadelphia. The structure will hold a total of 3,568 square feet of floor space. Construction costs for the project are estimated at $1,030,000.
The building will be located in the middle of a group of prewar rowhouses. In recent years, the ongoing real estate boom overflowing from the nearby neighborhoods such as Mantua have promoted polarizing talks about banning new “wooden boxes” from being developed next to such beautiful structures. As a result, an uptick in higher-end designs has been observed, with some developers now being more conscious as to the new structure’s looks. Though no renderings are available, it is possible that the new building will offer a historically-acknowledged design. This possibility is reinforced by the projected cost of the project, as an investment of over $1 million for a new multi-family development in the area is a rare occurrence.
The amount of density that has been recently added and is on the drawing boards in West Philadelphia around University City is astonishing, as numerous vacant lots are rapidly being replaced with multi-family structures. It is only a matter of time before more teardowns occur and property sale prices surge, similar to what many other neighborhoods across the city are currently experiencing.
The route 10 trolley is located within a short walk on Lancaster Avenue, which is a strong commercial corridor. The density added by the project will help support local businesses in the area and will encourage further commercial growth.
No completion date is not known yet for the project.
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