We were dodging the raindrops in South Kensington today and happened upon a building under construction on the southeast corner of Hancock & Thompson. This property had been sitting vacant for a number of years, surrounded by a fence overgrown with ivy. Developers bought the parcel about a year and quickly set about building an eight-unit residential building, a project which happened to be by-right. They’ve made some nice progress thus far.

Harman Deutsch did the design work for this project, and thanks to the listings for the condo units in the building, we can show you an elevations drawing which will give you a sense of what the building will look like when it’s finished. We’re into the look, and especially appreciate the double hung multi-pane windows. Though it’ll be new construction, it will probably look like a warehouse conversion, and that fits in well for this neighborhood.

By the way, we should probably mention that if you’re interested in moving into this property, you’ve already missed your chance. All of the units are already under agreement, at list prices that range from $290K for a 2 bed/2 bath unit to $417,500 for a 3 bed/2.5 bath unit. Not only is it impressive that all of the units are already spoken for before the building is finished, but it’s also surprising to us that condo units without parking are selling for over $400K in this neck of the woods.

Then again, as we’ve said on numerous occasions, the southeastern part of South Kensington is very close to Frankford Avenue and very close to Northern Liberties, making these blocks incredibly desirable despite being on the “wrong” side of the El and Girard Avenue. In fact, these units will be closer to Frankford Avenue than many homes in Fishtown proper, but will sell for less than the units in Fishtown, providing great value.

In case you’re bummed that you won’t be able to buy a unit in this building, we have some great news. The auto shop next door is under agreement, along with a vacant lot around the corner. It stands to reason that in the coming months, we’ll learn about another project planned for this block. And given the success of the project at the corner, we’d expect more of the same.