We brought you to the 1000 block of Wood Street a couple years ago to tell you about plans for several new apartment buildings, noting at the time that the block didn't seem like such an intuitive location for development. With a location mere steps from the Vine Street Expressway, and a line of unattractive warehouses on the block, we weren't convinced that people would be eager to live here. Yet the Goldtex building is just a block away, and there's been other development nearby in the neighborhood. And oh yeah by the way, the Rail Park officially on the horizon and there will surely be an entrance somewhere nearby.
Those apartment buildings are now finished and are surely occupied, though the new retail spaces on the block are still seemingly vacant.
And these buildings are clearly proving to be successful, because now we've heard about plans to demolish a warehouse on the block and build some more apartments. The building housing Sang Yick Food Company at 1022 Wood St. will soon be demolished and a new apartment building will rise in its place that will include 15 apartment units. We'd guess that the building will rise to the same height as the neighbors next door, but with CMX-3 zoning it's quite possible it'll grow even taller.
This project combined with the buildings that were built in the last couple years make us wonder whether the rest of the block will turn over in the near future. As greater Center City has experienced its development boom, it has increasingly become worthwhile for businesses operating out of warehouses near the middle of town to sell their properties to move to less desirable neighborhoods. Especially with the Rail Park poised to change the face of Callowhill, we can very much see that playing out for other properties on this block and throughout the neighborhood.