1212 N Delaware Avenue

On behalf of ownership, GREA extends to qualified investors the opportunity to acquire the fee simple interest in the fully approved mixed-use development opportunity at 1212 North Delaware Avenue situated in the rapidly gentrifying Fishtown neighborhood of Philadelphia. The 25,037 square foot parcel is zoned CMX-3 and is approved for approximately 35,058± total square feet of construction, 48 residential units, 2,468 square feet of commercial space, and 12 parking spots. This offering includes a garage at 950-56 Marlborough Street, where the off-site parking will be located.

The project qualifies for the full Philadelphia 10-year tax abatement allowing a developer to defer taxes on all newly-constructed improvements for a period of 10 years. In 2022, Philadelphia City Council changed the abatement to its current form with a step-up model, making the full abatement significantly more attractive. Furthermore, the site lies within a Qualified Opportunity Zone allowing investors to delay and reduce Federal Capital Gains Taxes on investment gains from a wide range of sources.

The site is located in Fishtown, one of the most gentrified neighborhoods in the Philadelphia MSA. Over the last 15 years, Fishtown has become a major focus of developers adding thousands of high-end luxury apartments. Once a working-class neighborhood has become the premier choice for young professionals. The City of Philadelphia has put a major focus on improving the Delaware River Waterfront which will house thousands of luxury apartments, grocery stores, and retail. The site at 1212 North Delaware will benefit from this increased residential and commercial density.

The site boasts direct access to major roadways including Delaware, Frankford, and Girard Avenues as well as Interstates 95, 76, and 476. Proximity to public transit is an added amenity. The site is less than a 15-minute walk to the Girard Station for the Market/Frankford Train Line and bus routes at Frankford and Columbia Avenues provide residents with a multitude of transportation options to access employment centers throughout the Philadelphia MSA.