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Permits Issued for 42-Unit Building on Jewelers’ Row, Demolition of Buildings Currently on Site – Rising Real Estate

Permits Issued for 42-Unit Building on Jewelers’ Row, Demolition of Buildings Currently on Site – Rising Real Estate

730 Chestnut Street
730 Chestnut Street

Over the last several years, there has been a huge preservation controversy in Philadelphia involving Toll Brothers’ demolition of 4 buildings on the 700 block of Sansom St. on Jewelers’ Row. Toll Brothers already demolished the building and has plans to build a 329 foot tall, 63-unit condominium building on the site. The project seems to have stalled as nothing has happened on the property since the buildings were demolished.

It looks like another demolition is planned around the block. Zoning permits were issued today for the complete demolition of 730 Chestnut St. and the construction of a 7-story, 42-unit building with ground floor commercial space, a roof deck, 15 bicycle stalls, and off site parking.

730 Chestnut St. Zoning Map
730 Chestnut St. Zoning Map

The parcels at 730 and 732 Chestnut St. were combined in August of 2010, so we imagine that the corner building will also be demolished for this project. Combined, 730 and 732 Chestnut St. total 4,260 square feet of land that is zoned CMX-5. This project can proceed by-right.

We would have really liked to have seen a tasteful overbuild on this site instead of the demolition of another two classic buildings on Jewelers’ Row. A taller overbuild with more units that preserved the existing buildings would have been a more ideal outcome in our opinion.

How do you feel about this project? What can be done to better incentivize the preservation of Philadelphia’s historic streetscape?

Zoning permit language: Complete demolition of existing structure and construction of a 7-story, attached structure for use as: vacant ground floor commercial (uses as permitted, separate use registration permit to be obtained prior to occupancy) and multi-family residential with forty-two (42) dwelling units on floors 2 through 7; roof deck to be accessed by pilot houses (for residential use only); and fifteen (14) bicycle parking spaces. Required vehicle parking to be located off site

Kyle is a Philadelphia real estate agent on the Agent PHL team at Compass, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients find homes, investment properties, and development opportunities.

Email kyle@agentphl.com if you are looking to buy or sell a property

This content was originally published here.

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