To state the obvious, Passyunk Avenue is great. It's got a bevy of restaurants, a growing collection of locally owned small businesses, and a general vibe that has made it the commercial corridor du jour for at least the last couple thousand jours. You'd think, given the power of Passyunk Avenue, that we'd be covering a ton of development nearby- but you'd be incorrect. And it's not because of a lack of demand, but a lack of supply.
The neighborhoods around Passyunk Avenue never experienced the same kind of disinvestment as say, Point Breeze or Graduate Hospital, and as a result there simply aren't anywhere near as many development opportunities around the corridor. When one comes along, developers are typically quick to pounce. Take, for example, 1133 Dickinson St., which was sitting blighted until 2012, when developers tore down an old home and built a new one that quickly sold for over $400K.
Pretty much across the street from this property, we happened upon a 'For Sale' sign the other day which represents a slightly more significant opportunity than this one-off project. The unusual property at 1122-28 Dickinson St. is currently listed for sale at an asking price of $700K. Per the listing, 1122 Dickinson St. was originally a single home, and there's a triple-wide garage next door. All four properties have a single combined 2nd floor space, though. And there's a giant rear yard which measures 14'x140', something you certainly don't encounter every day. The place apparently isn't in the greatest shape though, as the listing warns potential buyers about the "many obstacles and potential tripping hazards" inside.
What would somebody do with this property? We'd think that a first step would be demolition. As for a next step, we've gotta say, we don't know. It's zoned for single-family use, but we're not sure whether you could even build three homes by right. Given the odd layout of the property, we'd have to think that apartments would make sense, but would the community accept such a plan? So there's likely going to be some zoning risk for whoever buys the property. We wonder, will someone be willing to pay the asking price given the challenge of developing this property? Then again, with Passyunk Avenue just steps away, it might just be worth the risk.
