East Girard Getting Some New Mixed Use

We've discovered a new hole in the ground at 512 E. Girard Ave., just a couple blocks away from a less than perfect addition that we covered yesterday. This property previously looked kind of rough, with a vacant lot at the corner of Eyre Street, a one-story garage next door belonging to the car dealership across the street, and a bike store attached to another one-story garage. Especially when you consider all the development that's happened on and around East Girard over the last several years, it was really only a matter of time before the same thing happened here.

In the past

Current view

Looking head on

You can see, all the buildings that stood here have been demolished. You can also see an MPN Realty sign on a trailer in front of the property, advertising new construction retail space. Looking at the permits, it seems a new mixed-use building is in the works for this location, and a Loopnet listing gives us an idea of what we can expect once the building gets built.

Project rendering

According to the listing, two spaces are available, each at $25/ft NNN. One of the spaces will have roughly 2,000 sqft of usable space, and the other will clock in at around 1,000 sqft. Doing some quick math, that's a little over $4K/mo for the larger space and about $2K for the smaller space, triple net. Both of those rent numbers sound doable on this improving commercial corridor, though we aren't exactly sure what types of businesses will be opening here.

The buildings next door

With some confidence though, we can say that it's very unlikely we'll see a float spa open in the new building. Flo ta tion Philly sits pretty much next door, and while it's a very cool concept (sensory deprivation is relaxing!), one such business probably meets all the market demand for this particular block.