1428 Callowhill Street

Sited just 4 blocks north of Philadelphia City Hall, 1428 Callowhill Street is centrally located in the urban core of Philadelphia, Pennsylvania a Top 10 USA MSA. Convenient access to Septas Suburban Station provides accessibility to the full regional rail and underground subway network throughout PHL. The PA Convention Center is just 2 blocks South. The Market Street West CBD (Phillys top-tier office district) is also just 4 blocks south. A previously approved concept featured 162-apartments atop 2 floors of underground parking. However, as youll see in the real-time article linked below, mandatory parking is no longer included in CM4-5 zones eliminating a costly construction variable for developers. Currently, the site generates $100k/annually on a short-term parking basis via ParkMobile. In-place income satisfies the short term for developers seeking to alter the previously approved 162-unit concept. Alternative lower-cost construction models are incorporated in the pages below in as of right scenarios WITHOUT mandatory parking inclusions. The composition of the proposed 104K SF, 12-storey, elevator building includes studio, 1bd + 2bd apartments with a blended average rent of $2267 per unit ($4.73/PSF). A deluxe lobby with mezzanine, fitness center and roof terrace complete the micro-amenity suite for The Property. 1428 Callowhill presents a Core, urban-infill, high-rise trophy development opportunity in the heart of Downtown Philadelphia where extreme high barriers-to-entry exist and rental demand outpaces supply, particularly for Class-A apartment stock.