1200 Washington Done, and Units Are Available For Rent Wednesday, April 19, 2017
In real estate development, construction delays and cost overruns are the norm- and we see it all the time on projects both large and small. We often find ourselves saying that this project or that project are taking longer than we would have expected, a phrase we should probably scrap given the regularity with which we use it. It's much less common for us to consider a project that moved more quickly than expected, but that's exactly what we're looking at with the 1200 Washington project.
Thirteen months ago, we visited the southwest corner of 12th & Washington and told you about plans for a five-story, 48 units building with 15 parking spots and ground-floor retail. At that time, construction had not yet begun. By the time summer was coming to an end, we told you that a crane had placed modules atop some steel framing, marking an important step for the project. If you check out the property today, you'll see that the building looks like it's entirely finished. Ah, the power and beauty and speed of modular construction!
With the building now done, the apartments on the upper floors are available for rent. Prices range from $1390/mo for a studio to the incredibly specific $2163/mo for a two-bedroom unit. Given the property's location, with a shopping center to the east and our favorite car wash to the west, you'd think that potential tenants might not be terribly enthused. But if you zoom out a little bit, you'll realize that this is a great place to live, with Lincoln Square coming soon to the west, and Passyunk Avenue and the Italian Market just a few blocks away to the south and east, respectively.
We should also mention, there's a retail space on the first floor of the building that's available for lease. A flyer for the space, from Metro Commercial, shows that there's 2,380 sqft available right at the corner of 12th & Washington. Said flyer indicates that the space would work for a restaurant, a convenience store, or a bank. We'd be inclined toward a restaurant, given the numerous dining options in the area, but maybe someone who lives nearby could better illuminate what the area needs? And while we're asking questions, can someone think of a reason why more projects of this size don't go the modular route? Time is money, after all.