6-unit mixed-use new construction, zoned CMX2.
A 6-unit mixed-use building is set to rise at 1408-10 Reed St in Graduate Hospital & Point Breeze, the kind of by-right infill quietly reshaping the block. It was cleared to build in Sep 30, 2024.
The 3,497 sq ft site is zoned CMX2, which supports a building on the order of 4 stories by right. Records show the parcel last traded in 2019 for $700K. The plans call for for the erection of an attached, four-story structure of type va construction as per plans. for six (6) dwelling units on the second to fourth floor and accessory parking on the ground floor with layout as shown. the entire structure must be protected by a nfpa 13r sprinkler system and standpipes must be installed in exit stairs. ***this permit is a conversion of cp-2022-001328 to a new construction permit pursuant to a settlement agreement with the city of philadelphia law department dated february 26, 2024.*** **amendment (8-1-2025) changing parking garage sprinkler system to nfpa 13 **.
The owner of record is 1408 Reed LLC.
It isn't rising in isolation. Within a half-mile, 1 other major projects have broken ground since 2022 — roughly 10 units of new supply — including the 10-unit project at 1116 S 12th 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?
As this density arrives, InvestPHL is tracking 29 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 29 nearby opportunities →Major (8+ unit) new-construction projects filed within a half-mile since 2022 — the density gathering around this site.