Renovation Underway Across from Another Development Opportunity at Preston & Filbert

The intersection of Preston & Filbert in West Powelton sits near 2.0 University Place, the new LEED Platinum pre-certified building that went up last year. At this intersection, one corner is being renovated and another could be seen as a redevelopment opportunity.

Building is for sale

Under construction

Already situated at the southeast corner is the headquarters of the Philadelphia Dance Company, one of the leading troupes in town. On the northeast corner is a beat-up and vacant ground-floor commercial location with possibly vacant residential above that last changed hands in 1967. A handwritten ‘For Sale’ sign indicates it’s available, if you're interested. Across the street on the northwest corner sits a building that sold in March 2012 for $138K. We figure it is the new owners who, for some reason we do not understand, opted to cover the brick fa├žade with rain grey stucco. So far as we can tell, the renovation is still ongoing, but we’re thinking it could be stalled.

Building on the right side sold last year

So the question here is whether an incredible amount of widespread institutional development that will mean at least half a dozen new mixed-use high-rises in University City, and new building very close to this site in question, like the aforementioned recently completed 2.0 University Place office complex, and development of the nearby 4000 block of Baring Street that revitalized an entire block, provide enough value to justify one-off projects here at Preston & Filbert. The little building on the southwest corner of the intersection changed hands last September. So it’s possible that yet another developer is already looking at this intersection very carefully.