61-unit residential new construction, zoned CMX3.
A 61-unit residential building is set to rise at 40 S 2nd St in Old City & Society Hill, a mid-scale addition to one of the city's busier development corridors. It was cleared to build in Nov 19, 2021.
The 8,686 sq ft site is zoned CMX3, which supports a building on the order of 7 stories by right. The parcel last changed hands in 2022. The plans call for new construction of a seven-story building with common roof deck for use as ground floor shell commercial space (use registration & fit-out permits required prior to occupancy) and sixty-one (61) dwelling units above as per approved plans. building to utilize horizontal separations to create two (2) separate buildings with two (2) different construction types (cellar through 2nd floor - type ia and 3rd through 7th floors - type iiia). fire retardant treated studs and sheathing required for type iii construction. building to be fully sprinklered per nfpa 13 and include standpipes per nfpa 14. fire watch required per code bulletin f-2001. *2018 ibc review* amendment approved 2/8/22 amend new construction permit cp-2021-004965 for updates to construction drawings and details as per approved plans. **separate permits required for mep & fire suppression work**.
The owner of record is Second And Trotter Owner 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, 4 other major projects have broken ground since 2022 — roughly 165 units of new supply — including the 11-unit project at 225 Quarry St, the 34-unit project at 322-40 Race St, the 35-unit project at 208-12 Vine St. 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?
📄 View the project's plan drawings (PDF)As this density arrives, InvestPHL is tracking 37 under-built parcels within a half-mile that a developer could still acquire and build — each carrying a builder's max bid. Addresses and figures are members-only.
Unlock the 37 nearby opportunities →Major (8+ unit) new-construction projects filed within a half-mile since 2022 — the density gathering around this site.