First phase of luxury waterfront development will finish this fall

Luxury residential development, “The Views at Penn Treaty,” on the Fishtown waterfront, will start wrapping up the first part of its construction at the end of this summer, with a total completion date planned before the end of the year.

The townhome development, which will sit on Penn Treaty Park just off Delaware Avenue, has been in the works for a year. New York developer Gotham Bedrock LLC bought the 1.5 acre parcel of land in a $7 million deal last spring, and originally announced a completion date for the winter of 2017. The project hit some delays along the way and were forced to push back the opening date for the first seven homes in the development to September of this year, according to Keller Williams agent Jacob Cohen, who’s handling the listings.

When it’s completed, the development will feature 19 luxury townhomes with three, four, or five beds, and between 4,000 and 5,500 square feet of space. The four-story homes will also feature waterfront views, a connection to the Delaware riverwalk path, roof decks, integrated speakers, and gas fireplaces, Cohen said. The cost of the homes will range from $1.5 million to $2.5 million, he added.

That’s unusual for Fishtown, of course. Most homes in the neighborhood are decidedly less than $1 million. A lot of recent listings range from $300,000 to $500,000, and even close to the waterfront, most houses are only selling for around $700,000 (or less).

But Cohen says developers plan to be pioneers with this project—not only by building luxury homes, but also by building townhomes so close to the water in Fishtown.

“We feel that once we actually have the homes, they’ll sell quite quickly,” Cohen said, likening the project to the development boom in New York City’s popular Williamsburg neighborhood over the last ten years. He said he hoped the townhomes would help spur more growth (both residential and commercial) in the neighborhood.

“Like Kent Avenue in Williamsburg....This will be our Kent Avenue on the Delaware,” he added.

• NY Developers buy site next to Penn Treaty Park for $7M [Curbed Philly]
• Views at Penn Treaty townhomes list for $1.7M [Curbed Philly]