• 2 Units
• Unknown Sq Ft
• 3,780 Sq Ft
• Unknown Cap Rate

Description

Introducing" "The Library Tower" assemblage on Irving Street in downtown Philadelphia, Pennsylvania. With a highly coveted CMX4 zoning designation, this premier assemblage of historic properties presents an ideal canvas for historic redevelopment aficionados. Capable of rising 20-storeys high into the sky with up to 128 apartment units, The Library Tower can be treated as several proposed concepts if high-rise development is not preferred. Please request alternative concepts "B" & "C" from listing agent if desired. 1317-21 Irving can accommodate up to 16 apartment units on its own with ±16,340 SF buildable. The historic facades must be preserved due to the Washington Square West Historic District overlay but it creates a distinguishing factor for a totally unique, architecturally-inspired redevelopment. The redevelopment qualifies for a FULL 10 yr tax abatement based on renovations of the existing structures; pay taxes on the present assessed value rather than the value of the improved structure(s). Qualify for lucrative state and federal historic tax credits to offset construction costs (see below for more info). Surrounded by the city's best amenities, transportation hubs, restaurants, cafes, shops, employers, healthcare centers, bars and nightlife, The Library Tower assemblage is a bulletproof real estate investment opportunity in a Top-10 USA MSA. Centrally located in the urban core in the vibrant Midtown Village neighborhood and tucked away on a quiet, residential street with "street to street" access (Irving to Latimer), the site allows for an easy construction process in terms of access/egress for trades and potential cranes on site in the heart of the city — an extreme rarity. Severe high-barriers-to-entry exist in Center City Philadelphia, as the availability of dense urban infill sites wanes due to high rental demand in one of the most historic, yet contemporary and cosmopolitan cities in the nation due to its culture, connectivity, commerce, cuisine, quality of life and top-tier universities, employers, historic sites and professional sports teams.