234-36 W Chelten AveDelivered

A 49-unit residential building is set to rise at 234-36 W Chelten Ave in Germantown, a mid-scale addition to one of the city's busier development corridors. It was cleared to build in Dec 13, 2021.

The 24,000 sq ft site is zoned CMX2.5, which supports a building on the order of 4 stories by right. Records show the parcel last traded in 2019 for $399K. The plans call for for the erection of a new four (4) story detached structure (w/roof deck accessed by pilot house enclosing roof access only), to be used as vacant commercial space at front first floor (separate use registration permit and fit-out/co permit required prior to occupancy), with group r-2 (forty-nine (49) dwelling units w/amenities) at rear first floor and above, as per plans; separate permits required for all mep/fsp work; building to be fully sprinklered throughout in accordance with nfpa 13 w/standpipes within the exit stairways installed as per nfpa 14; covered walkway or sidewalk closure required within 11.25 feet of building facade as per 2018 ibc section 3306; fire watch is required once combustible construction is over 40 feet in height; see zp-2021-010888 for zoning/use approval.

The owner of record is Chelten Avenue Holdings L. 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, 1 other major projects have broken ground since 2022 — roughly 49 units of new supply — including the 49-unit project at 328-30 W Queen Ln. 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?