Fishtown and Kensington have become so popular that developers are looking elsewhere for the next big neighborhood to invest in—and they aren't going too far.
"We're looking at Port Richmond as potentially the next up and coming neighborhood," says Bob Metry of RJM Property Group. "Obviously, Fishtown is so hot now, but people are getting priced out."
So last fall when he spotted a vacant building at 3178 Richmond Street—the former Polish Army Veterans Hall—he decided to buy it.
According to property records, 3178 Richmond LLC purchased it for $300,000 in September 2015.
The three-story building clocks in at 7,040 square feet and features high ceilings and loft-style spaces, as well as a large marble bar, a kitchen, and hardwood floors.
Metry, who is behind the adaptive reuse project at the former Salvation Army building in South Kensington, thinks the size and scale of the building makes it suitable for one main tenant, though he'd "be open to splitting up for the right tenants."
The developer is looking to lease the space for about $6,950 a month, or less than $12 per square foot. Compare that to the going rates along Frankford Avenue, which hover somewhere around $40 per square foot, according to Metry.
The building’s location on Richmond Street may help, too. It’s on the same block as the new restaurant River Wards Cafe and not far from Bait & Switch—both owned by other local developers who have seen success with developments and restaurants in Fishtown.
- 3178 Richmond Street [Official]