Yahoo Finance Rittenhouse Realty Advisors Sells Large Parcel Approved for 488 Units on Delaware Avenue in Northern Liberties, Philadelphia for $17+ Million
A Rendering of the future project at 700 N Delaware Avenue in Philadelphia, PA
A Rendering of the future project at 700 N Delaware Avenue in Philadelphia, PA
PHILADELPHIA, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of a large development parcel located at 700 North Delaware Avenue in Philadelphia, PA. RRA represented the sellers, the Piazza family, owners of the Piazza Auto Group, which operates numerous car dealerships in the Philadelphia area. The lot, which has approvals for 488 units, was sold to development company Saxum Real Estate. The group has plans for a fully-amenitized, mixed-use project for the site.
The property is located in the Northern Liberties neighborhood, which has seen unprecedented redevelopment in recent years. Future tenants will have easy access to the Market/Frankford Spring Garden SEPTA station with trains to Center City and University City, as well as I-95 and I-76. The property is also within walking distance to the numerous dining, shopping, and entertainment options of 2nd Street in Northern Liberties, as well as Old City to the south and Fishtown immediately north. The development will have water views of the Delaware River and will be close to Penn Treaty Park, a popular waterfront park for recreation and events.
Delaware Avenue has previously been known as an entertainment district, with nightclubs and bars located along the river. The need for large scale, mixed-use housing developments in this area has occurred as a result of the recent development boom and population growth of this Center City adjacent neighborhood. Several national, regional and local developers are planning large scale projects on Delaware Avenue. Ken Wellar, managing partner at RRA, stated: “It is very exciting to finally see projects break ground on Delaware Avenue. Considering this property will sit across from the water and is located in Northern Liberties and so close to Fishtown, we believe it will attract a younger demographic once it is finished.”
For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components.
Press Contact: Corey Lonberger and Ken Wellar
Managing Partners
215-454-2852
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/03e2d432-7c83-487d-816b-59df56140e12
