Frankford Avenue continues to make strides, with projects big and small coming down the pike. Frankford Square, a project from AGA Developers that we first told you about eighteen months ago, falls into the former category. Covering a lot at 1850 Frankford Ave. with over 15,000 sqft of space, this project is adding new homes and new mixed-use buildings to the neighborhood. And progress has been pretty good since they broke ground last fall.
The first phase of the project was the construction of two homes on Blair Street which have already been sold. The next phase is represented by the three homes you see under construction in the photo above. From what we can tell, two of those homes are already under agreement, and the third is on the market for a price of $467,500. Two more homes are still to come, and considering the success the developers have had selling the homes you already see, we would expect those to break ground pretty soon.
Going back to Frankford Avenue, we spotted some digging taking place a few days ago. This tells us that the mixed-use phase of the project could be getting started. In case you don't remember, the developers are planning seven buildings for Frankford Avenue, each with a first floor commercial space and a single apartment on the three floors above. Like the homes on Blair Street, those buildings were designed by Harman Deutsch. It will be interesting to see whether any of the commercial spaces are combined by interested businesses, and we'll also be curious to see whether the apartments are held as rentals or sold off as condos. Alternately, the developers could sell off each mixed-use building to investors, which is something we don't see too frequently but could certainly be an option.
When this project is finished, it will mean one more big lot has been filled in on Frankford Avenue, and that's certainly progress that we're happy to see. Hopefully, it will spread to the other remaining large lots still sitting vacant on this still-improving corridor. With every home that sells at the prices we're seeing for this project, the probability of that happening seems to grow.