Earlier this year, when we were making our predictions for 2021, we expressed our belief that North Broad Street would continue its upward trajectory this year, with a major nexus at Broad & Girard. We noted several projects ongoing and upcoming in all directions, and also hinted at an unknown development at the southwest corner, a site that’s been a CVS for about twenty years. It surely made sense to build a standalone CVS building at Broad & Girard back in the early 2000s, but given the growth of Temple University to the north and the significant changes to North Broad Street over the last several years, this has turned into a rather dramatic underuse. So we’re pleased to say that the building will soon be demoed and replaced with something more significant.
Just a few days ago, developers pulled a zoning permit to build a seven-story building here. This building will have 160 units and 48 underground parking spots, with retail on the first two floors. As you might be able to guess from the fact that there’s already a permit for the project, it’s happening by right. So it’s possible that some of the details might change, but probably not in a very material way. And given that the tax abatement is scheduled to change at the end of this year, it stands to reason that this project will proceed more or less as proposed, and will likely break ground sometime early next year.
Once this development moves forward, it will join a host of other projects ongoing or upcoming in the immediate area. On Girard Avenue, we have ongoing construction at 12th & Girard, 10th & Girard, and 8th & Girard. And don’t forget the Civic Phase 2, which will soon move forward at 17th & Girard. On Broad Street things will continue to cook as well, with continued construction to the north and south, and perhaps a Blue Horizon project eventually happening as well.
Things could also get interesting right across the street, as the Checkers property at 1208 N. Broad St. has been available for lease for awhile. Perhaps that means it could be had by someone interested in buying the property. Also, the McDonald’s property on the northeast corner previously had a gas station on it, but that’s now gone- could that property also transition to something more exciting in the near future? It certainly wouldn’t come as a surprise, given everything else going on in the area.