We love a good development opportunity. And whenever a sign asserts such a thing, we feel it's our obligation to check it out and pass it along, unless of course it's so good that we take it ourselves. So, uh, don't let that be a spoiler alert for what follows.
From the 12th & Washington intersection, you can just about make out a 'Development Opportunity' sign to the south. The sign sits on a vacant lot near the corner of 12th & Alter.
The sign isn't very specific. We didn't know whether the opportunity involved a single vacant lot or the entire block. Turns out it's neither.
For those interested, a set of four properties are now available for sale. 1116 S. 12th St. is a vacant lot that's one off the corner of 12th & Alter. 1118 S. 12th St. is the garage next door, but it doesn't include the two additional garage doors you see on the left side of the image above. 1202 and 1204 Alter St. are also part of the package, and are zoned for commercial use despite being residential-sized lots. The total asking price is $835K. As opportunities go, it's got pluses and minuses.
The parcels on 12th Street are interesting, mostly because they're zoned CMX-3 which would allow for an apartment building. The smaller lots on Alter Street would actually allow for the same thing. In a perfect world, a developer would combine the lots to build a single building, but that would really only make sense with the addition of the vacant lot on the southwest corner of 12th & Alter, which is unfortunately owned by a different party. Even if you were able to get all of those lots together, the immediate surrounding area isn't exactly a dream come true. That being said, if a mixed-use building ends up happening on the southwest corner of 12th & Washington, the corner of 12th & Alter would hold a little more excitement in terms of future redevelopment.
So as development opportunities go, this one would seem to hold some promise, but some additional legwork would be required in terms of getting your hands on the corner lot. With that in mind, it's a little too risky for us. But maybe you're interested?