New Foundation at 15th & Wharton, With Another Home Likely Coming Soon

In Point Breeze, much of the redevelopment we cover takes place west of say, 18th Street. The reason for this is simple- in general, this area reached a more blighted state than the section of the neighborhood immediately west of Broad Street. Taking a trip down 15th Street paints a very interesting picture. The blocks are mostly complete, and vacant land is rather rare. Travel up 20th Street for a very different experience. Every block all the way to Washington Avenue features a least a few vacant lots. Seriously, try this exercise. We'll wait.

Okay. Good work.

Now, as you can see, vacant land is uncommon on 15th Street, so it qualifies as news when one of these parcels is redeveloped. And that's exactly what's happening right now at 1303 S. 15th St.

In the past

Last week

Recently, a new foundation appeared here, and the foundation will soon have a house built on top of it. The parcel was purchased last summer by a developer based out of Cherry Hill for $70K. The extra-deep lot takes on some extra value because it allows for the construction of a single family home by right in a neighborhood where the zoning process can be a terrifying gauntlet for the inexperienced. As you can see, this home will have a rather large backyard.

Ladies and gentlemen, a foundation!

The lot next door should likewise be redeveloped sooner rather than later. It too was purchased last year, but for a somewhat unbelievable $25K. The owner of record is different than for the lot next door, but the fact that both LLC's have mailing addresses in Cherry Hill gives us a clue that it's the same party that purchased both lots. Look for the homes to sell for over $350K, and for them to be under contract well before they're finished. To say there's a little momentum in this neighborhood right now would be a pretty serious understatement.