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The Offering

Berkadia,​ as exclusive agent, is pleased to present the opportunity to acquire Northbank | South Parcel​ (“the Property” or “South Parcel”), a 2.26 acre shovel-ready development site within a master-planned community, situated along the Delaware River Waterfront in Philadelphia, PA. The Property is located just minutes from the heart of Fishtown, which was named “America’s Hottest New Neighborhood” by Forbes in 2018. Upon sale, the Property will be fully approved for a 390,905 SF development comprised of 289 apartments, 14,500 SF of retail, 241 covered parking spaces and a market-leading amenity package.

The Property is one critical component of a larger 25-acre master-planned community. Upon completion, the master development will emerge as a new, self-sustained neighborhood that includes 254 for-sale townhomes, 104 stacked condominiums, 539 multifamily rental units, nearly 25,000 SF of retail space, and a brand new waterfront trail. Site development for the project commenced earlier this year and vertical construction of the 358 for-sale units will begin this summer. This new vibrant community will provide a strong connection to Fishtown and serve as a conduit to further activate the Delaware Riverfront.

Northbank | South Parcel is located within a Qualified Opportunity Zone (QOZ) and will qualify for the current 10-year Tax Abatement (Building Permits for 2.26 acre parcel to be secured by end of 2020). Prospective investors are offered a unique opportunity to realize significant long-term tax benefits while also playing a major role in the continued transformation along the Delaware River Waterfront.

highlights

  • Transformative Development Opportunity connecting Fishtown to the Delaware River Waterfront
  • Located within a Qualified Opportunity Zone
  • Eligible for Philadelphia’s 10-year tax abatement
  • Immediate scale: allows a developer to build 289 units by right
  • Northbank | South Parcel will be part of a master planned community including a healthy mix of apartments, retail and for sale residential
  • Market leading amenity package and ability to accommodate up to 14,500 SF of retail/loading space as an ideal location for a reputable grocer
  • Walking distance to retail, dining and nightlife in the heart of Fishtown
  • Proximity to SEPTA’s Market-Frankford and Trolley Lines and immediate access to I-95

Address

2001 Beach Street, Philadelphia, PA 19125

OPA/Parcel #

885049020

Zoning

CMX-3

Gross Building Area

390,905 SF

Retail SF

14,500 SF

Pricing

Offered Unpriced

South Parcel Development Size

98,489 SF (2.26 Acres)

Gross Lot Size

1,091,662 SF (25.06 Acres)

Overlay Districts

CDO & NCA

Unit Count

289

Title

Fee Simple

Amenities

  • Lounge
  • Mail & Package Center
  • Coworking Areas
  • Game Room
  • Community Kitchen
  • Courtyards
  • 14,500 SF of Retail

Transit-Oriented Development

With convenient access to over 2,500 miles of interstate, state and local highways, and multiple transit and rail lines via the Southeastern Pennsylvania Transportation Authority’s (SEPTA) network, Northbank’s future residents will enjoy seamless connectivity throughout the Greater Philadelphia area.

Situated adjacent to Interstate 95 (I-95), a major freeway that runs North-South along the Delaware River, residents can quickly navigate the Philadelphia MSA. Phase four of the I-95 Underpass Improvement Project is currently underway and will feature noise barriers, multi-use paths for pedestrians, lighting, landscaping, plaza areas, public art and parking. This investment project will complement the Northbank development by providing ready access while alleviating future concerns regarding traffic congestion.

The robust transit network of bus routes, regional and local rail lines servicing this submarket creates easy commutes to Center City Philadelphia and the surrounding suburbs. Local notable transit options include the Girard and Berks Ave stations of the Girard Trolley Line, Market-Frankford Train Line, and Frankford Loop bus route.

With the continued investment in the infrastructure, transit and transportation systems throughout Philadelphia, the city has witnessed tremendous development growth in the adjacent neighborhoods.

 
Formerly the epicenter of the region’s commercial shad fishing industry, Fishtown now harbors one of the most exciting mixes of culinary, artistic, and musical spots the region has to offer, making it one of the trendiest neighborhoods in Philadelphia and the United States.

lifestyle & Entertainment

  • Award-Winning Restaurants
  • Vibrant Retail
  • Dynamic Nightlife
  • World-Class Entertainment

Investment Team

Financing

JV Equity & Structured Finance

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. ​

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