1701 Race StDelivered

A 271-unit residential building is set to rise at 1701 Race St in Rittenhouse, one of the larger new-construction projects underway in Philadelphia this cycle. It was cleared to build in Nov 6, 2020.

The 171,473 sq ft site is zoned CMX4, which supports a building on the order of 23 stories by right. The parcel last changed hands in 2020. The plans call for for the erection of one detached structure with balconies and amenities. structure for use as vacant commercial space on ground floor (use registration permit required prior to occupancy) with multi-family household living (273 dwelling units) from second floor through 23rd floors. sprinklered through per nfpa 13. separate permits required for plumbing, mechanical, electrical and fire suppression. a covered walkway or sidewalk closure shall be required within 10 feet of building façade in accordance with section 3306 of the ibc. separate building and/or streets department permits are required. 3/29/2022 amendment: amend original permit for the modification of ground floor commercial space and 21st - 22nd floor (combined unit 2101 and unit 2103 to unit 2114, combined unit 2201 and unit 2202 to unit 2214) as per approved plan and zp-2021-015718.

The owner of record is Archdiocese Of Phila. 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, 3 other major projects have broken ground since 2022 — roughly 286 units of new supply — including the 84-unit project at 1813 Ranstead St, the 81-unit project at 225 N 13th St, the 121-unit project at 2012-14 Chestnut 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?