Change on the Way For a Giant Vacant Warehouse in Passyunk Square? Wednesday, July 27, 2011
This warehouse on the corner of 12th and Latona Sts. has been on the market for years and vacant for longer than that. Sitting on a 14,500 sqft. lot, a developer could either rehab the existing building for condos (unlikely) or construct as many as a dozen new townhouses on the property. While new houses definitely wouldn't be listed at top dollar like those at 20th and Fitzwater Sts., they would represent a wonderful addition to a neighborhood that has plenty of amenities but is short on new construction and higher end housing.
According to the Passyunk Square Zoning agenda, developers planned a presentation a couple of weeks ago regarding this property- a proposal to construct ten homes on the lot including six with garages (boo!) and an additional building across the street with a commercial space and two condos (pretty good). That presentation was cancelled and we don't know whether that same plan will be presented in the future or whether it will change in the meantime.
The building was listed for $1.1M, and is currently under contract. Until settlement, we won't have any concrete information about the buyer or the final sale price, but we suspect that it will come close to the asking price since the property was purchased for $976K about six years ago. We won't be sad to see this objectively ugly building go, hopefully some day very soon. But we confess that we'll miss the little patriotic mural just a little bit.