Perhaps you've noticed ongoing construction over the last several months at the intersection of Frankford & Montgomery Avenues. This property was actually larger than you might suspect at first glance, as it included not only a large vacant lot with frontage on Frankford Avenue, but also a former church on Montgomery. That church was converted into apartments some time ago, but the vacant lot on Frankford was becoming more and more out of place as the street has redeveloped in recent years. Also somewhat unexpected given its location, the property was zoned for multi-family use, not commercial.
Developers bought the property at the end of last year, with plans to demolish the former church and construct eight duplexes by-right. Neighbors wanted to preserve the former church, and the developers changed their plans, listing the building for sale and ultimately selling it to a preservation-minded buyer a few months ago.
Meanwhile, on the front of the property, the developers are pursuing half of their original plan, building four duplexes whose units are being offered for sale as condos. Three of the upper units are now under agreement at an asking price of $350K, with the four lower units still available at an asking price of $300K. As construction has progressed, you can see the church has remained intact and occupied.
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Disclosure: OCF Realty, parent company of Naked Philly, is the broker for this project.