Redevelopment in South Kensington has been all over our board as of late the way Francisville was a year ago. So that has us thinking about this worn two-story building at 1300 N. 4th St. on the northwest corner at 4th & Thompson.
The building features a rusted protector in front of a ground-floor commercial space. Over two and a half years ago, permits were filed to turn that retail space into a barber shop and to build an addition on the third floor, so that the building would have apartments on its second and third floors. Since then, nothing has progressed. This building was last purchased for almost nothing, only $8K in 2005, according to public record. Right next door there is an undersized vacant lot and next to that are two homes that were built in the last few years that both sold for over $300K.
It’s clear there’s potential value in redeveloping this property. If you consider some major projects coming soon nearby, this intersection becomes even more enticing. The SoKo Lofts will bring 300-plus units and retail to 2nd & Thompson. And close to that, at American, Liberty Square will bring retail and about 200 new units.
Both of those projects might have drastically helped 3rd Ward, the Brooklyn baby that recently closed, stay in the ring longer. That project transformed a vacant warehouse catty corner from the two-story brick building this post first discussed into a shared artist space and a potential restaurant space. So while 3rd Ward is out, we still think this 4th & Thompson corner has potential, and the redevelopment of some huge vacant lots nearby will only contribute to the strength of the entire area.