For whatever reason, the 2100 block of S. Juniper St. has always been mostly industrial and commercial, despite its location next to a residential neighborhood and adjacent to the Passyunk Avenue commercial corridor. The combination of the conditions on the ground and the proximity to the commercial corridor make this block especially interesting for redevelopment. We’ve had our eye on 2027 S. Juniper St. for quite some time as a building that could stand to see some improvement, hoping that someone would step in and buy it, to bring the building into the 21st century. The ‘For Sale’ sign on the building even recommends a residential conversion.
The property has been listed for over a year, first for $1.15M, and now the price has dropped to $959K. We believe that price is still too high for a developer to pay up front before converted the building, and barring another price drop, the property will probably remain in the hands of the current owners. Perhaps because they’re feeling pessimistic that a buyer will come forward at a price they like, the owners are now going through the permitting process to add onto the existing building and add seven apartments on the floors above. Alternately, it’s also possible that they’re simply reducing the number of steps for a buyer, and looking to sell a “shovel ready” project.
There’s precedent for this kind of project on the block, and it can be found right next door. In 2014, developers purchased 2031 S. Juniper St. for $300K (a fine price if we do say so), and converted the two-story warehouse into a three story apartment building. You may recall, we told you previously that the South Philly Food Co-op will be opening their store on the first floor of this building, a project that’s still in the works. They’re currently running a capital campaign with a goal of raising $1M, and they’re now roughly halfway to their goal. If you’re looking for a cause to consider next week on #Giving Tuesday, you can help them get a little closer to opening their doors. From what we’ve read, it seems the co-op has an eye toward opening in 2018, fundraising permitting.
Also worth noting since our last visit to this block, a gym called Crossfit PHL has moved into another former warehouse up the block. As if this area didn’t already have an embarrassment of amenities, this represents one more check mark in the column of why it makes sense to add more apartments to this block. Whether it’s the current owners of 2027 S. Juniper St. or an eventual new owner, we have to believe that this property will get converted sooner than later. When it does, it will have a community grocery store in one direction and a place to burn the calories in the other. And of course, dozens of places to get a drink just around the corner.