This Old City development opportunity is located on one of the busiest streets in Center City. Race St., the most traveled street in the eastern part of the Center City area, carries traffic to I-95, Delaware Ave.(also known as Columbus Ave.) and the Penn's Landing section of the waterfront. On Race St. and North Bread St., this property is within walking distance to many of Philadelphia's most popular historic sites. Old City has had an explosive growth within the past 10 years and will continue to grow with the prominence of apartments, condominiums, art galleries, restaurants, and shops. Philadelphia Magazine reported in its September 2002 issue that a 280 car garage condominium is being constructed one block from this location on 2nd Street. Each parking space is selling for $30,000 which establishes a value of $8,400,000 for that property.

Development Planned for Old City
By Linda K. Harris