V2 Properties Going Bonkers on Myrtlewood Street

The 1400 block of N. Myrtlewood Street has had a pretty tough run in recent years. According to public record, there are 56 properties on the block and as far as we can tell, nearly half of those properties have been sitting vacant for a number of years. Along with the copious vacant land, many of the homes that have managed to survive are blighted, in need of total rehab or demolition and replacement. As we were doing a little research, we were entirely unsurprised to discover that various City agencies own 19 parcels on the block.

In the past

But times are changing on Myrtlewood Street, as they are on so many Brewerytown blocks these days. V2 Properties, a developer we’ve covered numerous times in the past in neighborhoods across town, has acquired a dozen parcels on this block and is developing them all at once. They’re calling the project Breweryworks, and despite the fact that some of the homes in the project are still just foundations, they’ve already sold one of the homes at a price of $335K. We have to assume that price was pre-construction, as the next home in the project is listed for $389K. Each home will have three bedrooms, three bathrooms, and like most V2 projects, this one is being done by-right.

Aerial view of the project

As we mentioned, the homes in the project are in various states of construction. Check out the progress, heading from Jefferson Street down to Master Street.

Current view from Jefferson
Slowly moving down the block
Foundations on the west side
New homes on the east side
More framing further south
Close to the southern end of the block

It’s rare that we encounter a block that’s fallen so far and suffers from such pervasive vacancy. The good news is that every time we cover a block like this, it’s in the context of a significant recovery. The 2000 block of Annin Street in Point Breeze and the 2100 block of Carpenter Street in Graduate Hospital were similarly depressed, and both of those blocks have experienced total transformations over the last decade or so. The 1400 block of Myrtlewood has the benefit of a single developer taking on a huge chunk of the vacancy, and eventually, when the City sells its parcels, a different developer (or maybe V2 again) will knock out another significant portion of the vacancy on the block. Put another way, this block is already seriously on the upswing, and it’ll be almost unrecognizable in the very near future.

  • Circa79

    looks like 16. PHA isn’t a city agency and the city doesn’t control PHA nor it’s land holdings

  • FrancisvilleMgmt

    Reminds me of moving to graduate hospital in the early 2000s. I was the first home on my block. The remainder was boarded up (sorta) and empty lots.

  • 3rd&Brown

    Will all 12 property have the same monotonous bay window?

  • Circa79

    exactly what I said. The post indicates the vacancy and lack of development is because the city is sitting on the lots. When I checked the LB site it shows virtually every lot for sale which means most, if not all are likely in some stages of being acquired. Also I’m pointing out that PHA is not a city agency even this site (and likely others) attempt to lump their vacant properties in with the city as if there is local control over those properties.

    • Drew

      Have you ever tried to buy a property from the LB? Developers tell me that it’s a joke. They make you pay for an appraisal and jump through a myriad of red tape and then in the end say they say there are no longer interested in selling the property. There is absolutely no reason why the city can’t sell these lots with an agent on the MLS. They should receive offers well over fair market value.

      The PHA is a municipal authority and for all intensive purposes it’s a public organization and can be viewed similar to the bureaucracy of the city. According to their website, “Our funding comes primarily from the federal government. We also work in partnership with the city and state governments as well as private investors.”

      So it appears accurate to say that governmental agency and quasi-governmental agency continue to sit on vast amounts of vacant. Furthermore, the development in Brewerytown creates a great opportunity for the PHA to build subsidized (aka affordable housing units) amongst newer development. It’s also my opinion that affordable housing units are best mixed in with other newer development. The only other option is to build affordable housing units grouped together in vast blocks of land and judging from past results the outcome is not desirable. Open to hear other suggestions.

      I’m always willing to change my opinion and learn from the other perspectives. The governmental agency and quasi-governmental owned lots constantly become overgrown with weeds and vegetation. It’s frustrating, not only because they are an eyesore but it also represents so much unused potential.

    • Drew

      Have you ever tried to buy a property from the LB? Developers tell me that it’s a joke. They make you pay for an appraisal and jump through a myriad of red tape and then in the end say they say they are no longer interested in selling the property. There is absolutely no reason why the city can’t sell these lots with an agent on the MLS. They should receive offers well over fair market value.
      The PHA is a municipal authority and for all intensive purposes it’s a public organization and can be viewed similar to the bureaucracy of the city. According to their website, “Our funding comes primarily from the federal government. We also work in partnership with the city and state governments as well as private investors.”
      So it appears accurate to say that governmental agency and quasi-governmental agency continue to sit on vast amounts of vacant. Furthermore, the development in Brewerytown creates a great opportunity for the PHA to build subsidized (aka affordable housing units) amongst newer development. It’s also my opinion that affordable housing units are best mixed in with other newer development. The only other option is to build affordable housing units grouped together in vast blocks of land and judging from past results the outcome is not desirable. Open to hear other suggestions.
      I’m always willing to change my opinion and learn from the other perspectives. The governmental agency and quasi-governmental owned lots constantly become overgrown with weeds and vegetation. It’s frustrating, not only because they are an eyesore but it also represents so much unused potential.