741 Spring Garden StDelivered

A 146-unit residential building is set to rise at 741 Spring Garden St in Northern Liberties, one of the larger new-construction projects underway in Philadelphia this cycle. It was cleared to build in Jan 5, 2021.

The 21,521 sq ft site is zoned CMX3, which supports a building on the order of 7 stories by right. The parcel last changed hands in 2021. The plans call for amendment: for the amendment of previously approved permit cp-2020-005640 to document changes to layout of service room, lounge room, fitness center, and combination of retail spaces into one retail space. work to also include the documentation of a horizontal exit and posting of lawful occupancy signs for altered spaces. all work to be done per approved plans. if field conditions vary contact design engineer prior to the start of any work. separate permits to be obtained for all other work. original: for the erection of a seven (7) story building for use as a eating and drinking establishments at first floor in the same building with multi-family household living ( 146 dwelling units) from second floor through seventh(7th) floors with accessory parking spaces and bicycle spaces on an accessible route at first floor. separate fitout to be obtained prior to occupancy of commercial spaces as shown per approved plans. building is composed of two different construction types- type ia construction from the basement through second floor level with type iiia construction from the third through seventh floor level. building is composed of modular construction from the third through seventh floor level. modular portion of the building approved per third party inspection agency. building is fully sprinklered in accordance with nfpa 13 and have interconnected stanpipes in exit stairways per nfpa 14. building is proposed on two lots due to unity of use proposed on zoning application. proposal granted per bbs variance no. mi-2020-002797. separate permits required for all other work.**a covered walkway or sidewalk closure shall be required within 23 feet of the building facade in accordance with section 3306 of the 2018 ibc. separate building and/or streets department permit required prior to the start of any work.***amended permit to be obtained for under pinning work.*** fire watch is required once combustible construction is over 40 feet in height, a site safety pla.

The owner of record is 741 Rooster LLC. The project's plan drawings are on file — worth a look for anyone underwriting the surrounding block.

It isn't rising in isolation. Within a half-mile, 6 other major projects have broken ground since 2022 — roughly 278 units of new supply — including the 74-unit project at 502 Wood St, the 51-unit project at 217 N 9th St, the 24-unit project at 1315 Ridge Ave. That kind of concentration is exactly what pulls land values, and buyer attention, toward a block.

We'll update this page as the project progresses — leasing, retail tenants, renderings, and construction milestones as they surface. The relevant question for investors and agents: what are the surrounding parcels worth to a builder now that this is coming?