Urban Conversions Acquires 103-Unit Mixed-Use QOZ Development In Olde Kensington For $4.6M

Scope Commercial Real Estate Services, LLC ("SCOPE") has closed the sale of 1700-30 North Howard Street in the Olde Kensington/Norris Square neighborhood of Philadelphia. The 90,405-square-foot mixed-use development project was sold for $4,600,000.

Summary of Transaction Details

• Property Type: Development Site
• Transaction Amount: $4,600,000
• Date: 07/23/2021
• Address: 1700-30 N Howard Street, Olde Kensington, Philadelphia, PA
• Market: Olde Kensington, Philadelphia, PA

The seller, Columbia Silk Dyeing Company, Inc., who has owned and operated the industrial property since 1973, was represented by Craig Thom and Phil Sharrow of Scope Commercial Real Estate Services, LLC. The buyer, Urban Conversions, an affiliate of SCOPE, purchased, entitled, and designed the project. The transaction was successful despite the challenges of zoning variance approvals and navigating the historical nomination, as well as the complexities of the COVID-19 market.

The development project, located in the quickly developing neighborhood of South Kensington, is set to be a focal piece of the area. The project's prime location, along with the demand for well-located projects, has contributed to its strong sales performance. Scope Commercial Real Estate Services, LLC has seen another 300+ proposed units placed in contract by its investment sales team, indicating a continuing trend of demand in the market.