A grungy NoLibs warehouse slated for adaptive reuse has been put on the market for an asking price of $1.395 million, just months after it received zoning variances which would allow for condo conversion. The developers, Urban Steel LLC, who bought the property for $700K, according to Naked Philly, would stand to make a pretty nice profit from their hard work at zoning meetings.
The listing copy claims that some interior demolition work has been done, but there's still a lot to do, here, and it seems that the main value of this property is in its amended zoning and building permit. The finished project, if built as planned (by Harman Deustch), would include nine condos and indoor parking for five cars. When Naked Philly reported on the project last February, the plans also included nine bicycle parking spots. According to the listing, complete architectural plans are included.
Is this an example of zoning profiteering, or did the developer sincerely intend to develop the property when they went to get variances for it? If you have noticed rumblings at 338 Brown Street, (right across the street from Honey's Sit'N'Eat,) please hit the tipline and let us know!
· 338 Brown Street [Trulia]
· Adaptive Reuse Coming to 4th and Brown [Naked Philly]