Permits were issued this week for the construction of a multi-family structure at 1735 South 23rd Street in Point Breeze, South Philadelphia. The building will stand three stories tall and feature a roof deck and terraces at the rear. Five residential units will be located within the structure, each a condo for sale. The building will span 5,471 square feet of floor space and cost an estimated $350,000 to build.
The new building will replace a vacant lot, similar to many other developments in the area. Years ago, Point Breeze was riddled with vacant sites, yet by now developers have filled many such lots with modern row homes, drastically increasing the density of the area and turning it into one of the hottest real estate markets in the city.
While the rest of the neighborhood sees predominantly single family development, developers have recently started opting to build multifamily buildings around Point Breeze Avenue which has the potential to become a strong commercial corridor. At this point, the corridor has not made significant strides towards redevelopment, although adding more density around the it should encourage new businesses and will help serve as the catalyst to spark for further development.
No completion date has been announced. Construction may be finished by 2022.
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