10-unit residential new construction, zoned RM1.
A 10-unit residential building is set to rise at 721 N 16th St in Fairmount & Art Museum, the kind of by-right infill quietly reshaping the block. It was cleared to build in Dec 29, 2021.
The 70 sq ft site is zoned RM1, which supports a building on the order of 5 stories by right. Records show the parcel last traded in 2025 for $2.6M. The plans call for for the erection of an attached structure with cellar and an accessory roof deck (for residential use only) with roof access structures. for multi-family household living ten (10) dwelling units. building to be fully sprinklered. separate permits required for mep & fp work. separae approval required from pa l&i for elevator installation. horizontal exits are provided from 1st to 5th floors. amendment to include addition of elevator machine room on the roof, removing elevator access to the utility room in the basement with 24" mat slab and minor adjustment to the total building width due to onside existing condition as per approved revised plans. .
The owner of record is Philadelphia Lotus 24 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, 12 other major projects have broken ground since 2022 — roughly 378 units of new supply — including the 11-unit project at 1630-32 Ridge Ave, the 12-unit project at 1638 Ridge Ave, the 17-unit project at 1633-43 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?
📄 View the project's plan drawings (PDF)As this density arrives, InvestPHL is tracking 100 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 100 nearby opportunities →Major (8+ unit) new-construction projects filed within a half-mile since 2022 — the density gathering around this site.