AgentPHL Powered by Compass is pleased to present 1801 Fairmount Avenue, a shovel ready transit oriented development site consisting of 10 residential apartments/condos atop retail/restaurant space with 3 car parking garage ~ the ultimate urban luxury. The Development is strategically located on the prominent NW corner of 18th and Fairmount in the beloved Fairmount submarket of Philadelphia, Pennsylvania. Situated on the most prime commercial corridor with a rich historic past, this boutique 20K SF elevator building is poised to become the areas next landmark property. 5 storey construction. 3 units per floor. Ideal unit mixture: one 1bd x 1ba, one 2bd x 2ba, one 3bd x 3ba per floor on levels 2-4. The 3bd x 3.5ba penthouse with 500 SF city facing terrace will undoubtedly be Fairmounts finest residence built to date, with a full floor 2100 SF open concept floorplan, home office and wall to wall skyline views from the living room. The 1500 SF ground floor space should command high street retail rents and could likely become the next world-class dining destination in a city full of nationally ranked culinary outposts. The entire 1500 SF basement is included for the retail/restaurant operator. 34 feet of frontage on Fairmount Avenue plus sidewalk seating along 18th Street heading straight towards Francisville park/playground. The residential units will lease up or sell out prior to completion, as this is an irreplaceable location. The upper floor units have unobstructed skyline views and all floors have southern exposure for tons of natural light penetration. Philadelphians know this is a generational location to build. There are only a handful of comparable commercial corridors in the city; demand increases perennially for new housing in this area. 8 minute walk to Septa Broad Street Line at Fairmount Station; less than .5 mile. Walkable to downtown Philly; just 1 mile to City Hall, the urban core. Coveted section of the city favored by the new professional and millennial class of homebuyers and renters. Permits and plans included with sale. Buy and build. Significant acquisition and soft costs have already been paid for; this is a turnkey development project for a Developer to create a showcase building that will endure for centuries. The Development provides the rare chance to secure the 10 year tax abatement. As of 2021 the tax abatement will be substantially reduced citywide, but this project is 100% approved and entitled to qualify for the FULL TAX ABATEMENT. Term sheet provided by leading local lender. The project pencils out beautifully as either a rental investment or condo sell out. The market will absorb either approach at top of market rental rates and per square foot sales. The penthouse will command its own price, as there is nothing previously built or coming soon that can compare to it with a full floor, 500 SF south facing skyline terrace, dedicated elevator and parking. Inquire within for construction, rental and sales pro forma. MAKE YOUR MOVE.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
