{"id":1004087736,"date":"2013-12-02T11:18:23","date_gmt":"2013-12-02T19:18:23","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=221769"},"modified":"2020-05-22T00:09:45","modified_gmt":"2020-05-22T08:09:45","slug":"vacant-warehouse-in-south-kensington-to-become-mixed-use-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vacant-warehouse-in-south-kensington-to-become-mixed-use-building\/","title":{"rendered":"Vacant Warehouse in South Kensington to Become Mixed-Use Building"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">A Philadelphia-based real estate company has plans to transform the former truck repair facility at 1601-23 N. Front Street into a more entertainment-oriented space.<\/p>\n<div id=\"attachment_221770\" class=\"wp-caption alignright\" style=\"width: 250px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/1601-26-N-Front-Street-Philadelphia.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-221770\" title=\"1601-26 N Front Street Philadelphia\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/1601-26-N-Front-Street-Philadelphia.jpg\" alt=\"\" width=\"240\" height=\"141\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">1601-26 N Front Street Philadelphia<\/p>\n<\/div>\n<p style=\"text-align: justify;\">According to the <em><a title=\"Philadelphia Business Journal\" href=\"https:\/\/www.bizjournals.com\/philadelphia\/blog\/real-estate\/2013\/11\/warehouse-on-front-street-to-be.html?iana=ind_cre\" rel=\"nofollow\" >Philadelphia Business Journal<\/a><\/em>, D3 Real Estate Development acquired the 21,142-square-foot vacant property for $600,000 from Reliable Autobody in a deal that was brokered by Michael Barmash of Colliers International.<\/p>\n<p style=\"text-align: justify;\">Sitting within a few blocks from D3\u2019s acclaimed Oxford Mills site\u2014a $35 million renovation and reconversion project that will transform a former lamp factory at Front and Oxford Streets into retail and residential space for teachers\u2014the warehouse serves as a link between three of Philadelphia\u2019s growing neighborhoods: Northern Liberties, Fishtown and South Kensington. D3\u2019s new adaptive reuse project on Front Street will include retail and office space, a restaurant, a fitness center and even a micro-brewery and space for live shows, the news source reports.<\/p>\n<p style=\"text-align: justify;\">Kensington was once known as a working class district and one of the busiest centers of the textile industry and its brick-clad structures\u2014or what\u2019s left of them\u2014reflect the neighborhood\u2019s industrial past. However, post-war deindustrialization took its toll during the \u201850s and a large number of factories and homes were abandoned as large manufacturers<\/p>\n<div id=\"attachment_221771\" class=\"wp-caption alignleft\" style=\"width: 250px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/Soko-Lofts.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-221771\" title=\"Soko-Lofts\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/11\/Soko-Lofts.jpg\" alt=\"\" width=\"240\" height=\"128\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Soko Lofts Philadelphia<\/p>\n<\/div>\n<p style=\"text-align: justify;\">shut down their businesses, forcing a large part of the population to relocate to other parts of the city or even outside of Philadelphia.<\/p>\n<p style=\"text-align: justify;\">But what might look like a sad picture has become a gold mine for real estate developers and investors such as D3. Some of Kensington\u2019s vacant and derelict properties have already been repurposed as apartment buildings and offices that are luring back residents and companies. One major redevelopment project in particular\u2014<a title=\"Developer Plans Mixed-Use Complex on Vacant Brownfield in South Kensington - Multi-Housing News Online\" href=\"https:\/\/www.multihousingnews.com\/cities\/philadelphia\/developer-plans-mixed-use-complex-on-vacant-brownfield-in-south-kensington\/1004076386.html\" rel=\"nofollow\" >the former Absco Inc. steel plant that Canus Corp. wanted to turn into a multi-million dollar residential and retail complex<\/a>\u2014caught our attention again recently. According to the <em><a title=\"Philadelphia Business Journal\" href=\"https:\/\/www.bizjournals.com\/philadelphia\/blog\/real-estate\/2013\/11\/fully-approved-and-shovel-ready-soko.html\" rel=\"nofollow\" >Journal<\/a><\/em>, Canus Corp. is no longer interested in developing the already-approved project and it has retained Newmark Grubb Knight Frank to market the shovel-ready Soko Lofts (rendering at left) for roughly $10 million.<\/p>\n<p style=\"text-align: justify;\"><em>Images via Google Maps and PlanPhilly.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Philadelphia-based real estate company has plans to transform the former truck repair facility at 1601-23 N. Front Street into a more entertainment-oriented space.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1494],"tags":[1815],"class_list":["post-1004087736","post","type-post","status-publish","format-standard","hentry","category-latest","category-philadelphia","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vacant Warehouse in South Kensington to Become Mixed-Use Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vacant-warehouse-in-south-kensington-to-become-mixed-use-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vacant Warehouse in South Kensington to Become Mixed-Use Building\" \/>\n<meta property=\"og:description\" content=\"A Philadelphia-based real estate company has plans to transform the former truck repair facility at 1601-23 N. 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