South of the Rail Park in the Callowhill neighborhood, a lot planned to be used for an upcoming apartment has recently been sold for $7.9 million. The 0.46 acre lot is located at 1201-15 Callowhill St and was sold to a currently undisclosed buyer, which was described by seller representatives as a “regional qualified opportunity fund joint venture”.
In the original cycle of development, the company Patriot Parking Inc. was planning for the lot to be used for a 77 unit co-living building. The building was planned for tenant to rent individual bedrooms rather than whole units, and was outlined to include three-bedroom units and four-bedroom units. Due to the effects of the market conditions in the aftermath of the Covid-19 pandemic, the original plans were replaced by a 144 unit apartment building. This new plan included smaller units, with each apartment ranging from a studio to a two-bedroom unit. However, Patriot Parking Inc. decided to sell the currently vacant lot instead of proceeding with their apartment plans.
It appears that the undisclosed buyer wants to complete the plans, with construction expected to begin sometime before the end of 2023. If this 144 unit building is fully developed and constructed, it will follow a trend of newly built apartments breaking ground in the area. Nearby in Northern Liberties, three other apartment buildings are under construction in various stages of development. This site will surely be one to watch throughout the rest of the year.
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