Though many surrounding blocks have improved dramatically over the last several years, the 2000 block of Reed Street has remained stubbornly crappy. Part of that may have to do with the fact that there's a funeral home at the corner of 20th & Reed. But we'd say it's got more to do with the the fact that there have been several long vacant properties on the south side of the block and the north side of the block has historically been a mix of vacant land and a big ugly warehouse. But times are changing for this block.
At 2036 and 2040 Reed St., developers are building a pair of new townhomes. These lots have been sitting empty for at least a decade, so it's encouraging to see that they are finally filling in. Also notable, the blighted home next door was purchased by another developer back in 2014, so there's a good chance it will soon get redeveloped as well. As for the still vacant lot at 2038 Reed St., it's owned by a City agency and could continue to sit empty for years to come. Or it could change hands tomorrow, for affordable or market rate housing. One thing is almost certain, if someone does buy it, they will almost definitely not pay full price, as we've seen time and time again in this neighborhood.
Across the street is the southern side of a huge property that stretches all the way to Wharton Street. An old warehouse stood here until a couple years ago but soon construction will begin on a 46-home project that was approved by the ZBA last spring. Look for site work to begin in the next few weeks, and homes to begin rising a few months later. You can also see in the image above, the first five homes at 2010 Wharton St. have been framed, with seventeen soon to follow.
The latter project won't stretch all the way to the 2000 block of Reed Street, but the combination of these projects should give a real shot in the arm to the area and could spur additional development on the block. If nothing else, they should result in slightly higher prices for the two homes now under construction. We wouldn't be shocked if they both sell for over $500K, something that would have been unimaginable even a year ago.