When we called your attention to 448 N. 10th St. a few years back, we assumed that somebody would eventually step forward to purchase the impressive structure, especially considering its proximity to the eventual Rail Park on the former Reading Viaduct. The other day, we passed by the building, which was constructed in the early 1900s as the home of the Haverford Cycle Company, and noticed a construction fence around the first floor. Wouldn't you know it, someone did indeed purchase the building last year, paying $2.75M for the 48K sqft structure.
At the southern side of the building, you can see a sign that confirms what the construction fence suggests. The new owners are gutting the building and renovating it into office/creative space and they're actively seeking tenants for spaces as little as 300 sqft and as large as 6,000 sqft. According to their website, they've already got at least one tenant, with MADE Studios moving from 3rd & Cherry. In many ways, this reminds us of the 990 Spring Garden project just a few blocks away, and while that property is located next to the future Rail Park, this building is right next to one of the entrances.
It should also be noted that they'll be seeking some kind of retail on the first floor. From the look of the rendering, that'll be happening in the little white building at the corner of 10th & Buttonwood.
Between this project and the building on Spring Garden, the Callowhill neighborhood is picking up a ton of new commercial business. And with the Rail Park apparently moving forward, this area, along with West Poplar to the north, should become even more attractive to residential developers and retail operators. We've seen a smattering of residential projects 'round these parts over the years, but maybe these two projects will spur additional construction and the conversion of other industrial buildings into apartments. Keep an eye on Callowhill folks, it's a neighborhood that seems poised for serious growth.