The former umbrella factory building at 5th & Master is one of the most prominent blights in South Kensington. Over a year ago, we were hopeful that the building was finally getting renovated, but it still looks awful today. From several locations around the area, this shell of a building looms over the skyline, reminding us that in spite of tremendous growth here in recent years the neighborhood is not a finished product.
Despite the presence of this blighted building, many projects have cropped up nearby. On the 1200 block of N. 5th St., we've told you about two significant projects, one with 21 duplexes, a mixed-use building, and a dog park, and the other with 29 apartment units. Both of those projects will have pretty clear views of the umbrella factory building. But there's a much smaller project currently in the works at 422-24 W. Master St. which will have an uncomfortably close view.
Callahan Ward recently poured foundations for two homes here, each of which will have 3 bedrooms and 2.5 bathrooms. We've covered several projects from this developer in the past, typically in Northern Liberties. Traditionally, they build homes for resale, but this project is being built for investors with plans to offer the homes as rentals. Perhaps they're just waiting for the building across the street to improve and then they'll look to sell- this would seem like a very reasonable plan actually.
Here, check out this rendering:
We'd like to think that continued development in the area would be the thing that would finally spur the renovation of the old umbrella factory. But we would imagine that the holdup has had more to do with ownership than the conditions in the surrounding neighborhood. That's why we're encouraged to share the news that new developers purchased the property back in January for $3.9M. High price notwithstanding, a new developer coming on the scene could mean that the building will finally get its due, and the views in the neighborhood will improve significantly. And if/when we hear anything specific on that front, you know we'll let you know right away.