1423 Spruce Street, Philadelphia, PA 19102

Property Description

Rare Rittenhouse / Center City development opportunity at 1423 Spruce Street, Philadelphia, PA 19102. It is the best development in the Center City. This CMX-5 development site is approved for a 7-story mixed-use building with approximately 17,010.5 gross square feet, 26 residential units, and approximately 1,450 square feet of ground-floor commercial space. The approved residential program includes 21 studio apartments and 5 one-bedroom apartments, plus basement utility/storage areas, bicycle storage, elevator service, two exit stairs, roof deck, and roof-deck access structure. Major zoning and historic review milestones have been completed, significantly reducing entitlement risk and saving the next owner substantial time. Architectural and MEP plans are currently being finalized. Located in one of Philadelphia’s strongest rental and lifestyle corridors, the property is steps from Rittenhouse Square, Avenue of the Arts, Broad Street, Jefferson, Pennsylvania Hospital, Washington Square West, Midtown Village, restaurants, shopping, offices, transit, and Center City employment demand. This is an attractive opportunity for developers, investors, builders, boutique multifamily operators, and buyers seeking a highly visible approved mixed-use project in a premier Philadelphia location. CMX-5 zoning may also allow flexibility for alternative concepts, including boutique hotel or visitor-accommodation use, subject to buyer verification and all required approvals, permits, licenses, and code review. Sale includes available zoning drawings, architectural plans, floor plans, elevations, massing materials, and due diligence information upon request. Qualified buyers are encouraged to submit proof of funds with offers.

Property Features

Local Schools