230 N 23rd StDelivered

A 180-unit residential building is set to rise at 230 N 23rd St in Rittenhouse, one of the larger new-construction projects underway in Philadelphia this cycle. It was cleared to build in Dec 14, 2020.

The 37,397 sq ft site is zoned RMX3, which supports a building on the order of 7 stories by right. The parcel last changed hands in 2021. The plans call for new construction of a seven (7) story structure for use as one hundred eighty (180) dwelling units as per approved plans. building to utilize horizontal separations to create two (2) separate buildings with two (2) different construction types (1st & 2nd floors - type ia and 3rd through 7th floors - type iiia). levels 3 through 7 to be of modular construction. 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* **separate permits required for mep & fire suppression work** amendment approved 8/4/23 amend new construction permit cp-2020-005469 to update deck construction details as per approved plans. amendment approved 10/23/23 amend new construction permit cp-2020-005469 to include installation of pre-manufactured pergola on roof top deck as per approved plans. .

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

For now it stands out on its block — there's little other major development within a half-mile, which makes the surrounding under-built parcels worth a closer look as this density arrives.

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?