We were scanning through the latest zoning permits with the utmost speed the other day, and noticed a number of new zoning permits on a street called Pietro Way. This street was familiar, but we couldn’t quite place the location. Thankfully, Google Maps is a thing, and upon looking up one of the addresses, we realized that Pietro Way is located in the Siena Place development, in South Philly. At that time, we also realized that the new permits on San Vincenzo Dr. are also part of the same project, all related to an upcoming phase of a development that’s been getting built for over a decade.
As we told you before, this property was once home to Federal Defense Housing, but those buildings were torn down in the late 1990s or early 2000s. From 2009 to 2015, developers built a bunch of homes on the north side of Hartranft Street, selling some and renting others. Since 2015, the project has moved to the south side of Hartranft, selling through homes and building more along the way. We last visited this project in the summer of 2015, noting that homes were selling at prices starting in the low $400K range.
As we indicated above, the project is continuing to make its way south, with new homes planned on the mostly vacant land south of San Vincenzo Drive. We have to think that once these lots are filled in, it will make things nicer for the folks that already live here. Well, things will be great after the construction is over, to be more exact.
Looking at a site plan from the project website, it appears that the next bunch of homes are already sold, for the most part. This is a good indication that the next phase will follow close behind.
Also worth noting, the homes here have increased in value, just like so many others across the city. While homes were selling at prices in the low $400K range six years ago, they’re now starting in the low $500K range, with prices going up from there. Currently, we see listings for two homes in the mid-$500K range as well. We’ll be interested to see, as this project approaches the finish line, just how much higher the prices will go, and whether we’ll see any homes exceed $600K. And while these prices seem steep to us for this location, a couple hundred homes have already gone up over here, so it’s obvious that the buyers aren’t terribly concerned.