“Heavy Hitter” Residential Developers Circling Prime Spot at 15th and Fairmount
A 1930’s-era auto showroom at 1501 Fairmount Avenue has recently been put on the market and, due to it’s prime corner location in Francisville, the historically-designated property is seeing quite a lot of interest, specifically for a residential development.
“It’s being looked at by some heavy hitter developers,” said listing agent Nancy Alperin of Maxwell Realty, who declined to reveal just who those name were at this point. “Everyone has expressed interest in residential in one way or another … we’re moving fast on it.”
Included in the $2,499,000 asking price are two adjacent parcels at 710 and 712 North 15th Street, which are currently being used as a parking area for Oversea’s Motor Works, an auto repair shop that occupies the building at 1501 Fairmount Avenue. The two parcels give the entire property potential access points at Fairmount Avenue, North 15th Street and Swain Street to the north.
Alperin said that Oversea’s Motor Works will continue to remain open, but admitted that an auto repair shop isn’t “the highest and best use” for the property. “Most undoubtedly, it will be residential,” said Alperin, who also mentioned that some retail could also be in play with the residential component.
Hidden City’s Michael Bixler reported in February that the Philadelphia Historical Commission approved the historic designation of the property at 1501-05 Fairmount Avenue: “The Commission noted that, along with satisfying all designation requirements, the showroom’s distinctive Art Deco style contributed to the character of Fairmount Avenue and should be preserved.” Mark Kreider, the long-time owner, contested the nomination and designation of the property, which you can read more about here.
From the high-profile goings on at the Divine Lorraine and 1300 Fairmount to the redevelopment at the former A.F. Bornot Dye works factory, the areas between 16th Street, Ridge Avenue and North Broad Street have being seen a lot of development action this year. With 1501 Fairmount Avenue on the market, it looks like we could very well see another project take shape in the not-too-distant future.
- Historical Commission Approves Designation Of Art Deco Auto Showroom On Fairmount Avenue [Hidden City]
- 1501-5 FAIRMOUNT AvePHILADELPHIA, PA 19130 [Redfin]