Who wants to buy a home when you can purchase an entire neighborhood? A collection of eight properties scattered between Old City and Northern Liberties has hit the market, valued at more than $80 million.
Colliers International, who is handling the listing, made the announcement today, dubbing the area for sale as Callow East. “Callow East possesses the ideal footprint to support a modern urban mixed-use development with unobstructed 360 degree city views,” the announcement read.
Collectively, the properties amount to 7.75 acres, which makes the development opportunity bigger than the size of Rittenhouse Square, the Philadelphia Inquirer pointed out.
Included among the eight properties is a collection of parking lots and 4th and Callowhill Street, which already has design documents in hand for a mixed-use development with multiple high-rises. Designed by Cecil Baker + Partners, the project cleared the Civic Design Review last year.
Given its location, it was only a matter of time before the mostly industrial area became a prime development spot. In 2015, the East Callowhill zoning was changed to CMX3, allowing for residential, office, and commercial development and included a bonus building height. The 4th and Callowhill project was designed specifically with the new zoning overlay in mind.
Want in? Offers are due by April 7.
- Callow East [Official]
- 7 major projects set to transform Philly’s parking lots [Curbed Philly]
- Big sale of land between Old City and NoLibs offers chance to make a mark [Inquirer]