1428 Callowhill StCleared to build

A 162-unit residential building is set to rise at 1428 Callowhill St in Fairmount & Art Museum, one of the larger new-construction projects underway in Philadelphia this cycle. It was cleared to build in Dec 31, 2021.

The 11,513 sq ft site is zoned CMX5, which supports a building on the order of 13 stories by right. Records show the parcel last traded in 2020 for $6.3M. The plans call for for the erection of an attached structure with accessory parking and bicycle spaces located along an accessible route. for use as household living (one hundred and sixty-two (162) dwelling units). for the creation of interior, parking garage for thirty-one (31) parking spaces and seventy-four (74) bicycle spaces. building to be fully sprinklered. separate permits required for mep & fp work. separate approval required from pa l&i for elevator installation. separate approval required for the geopile installation.

The owner of record is Bayview Philadelphia Callowhill 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, 6 other major projects have broken ground since 2022 — roughly 298 units of new supply — including the 23-unit project at 1314-32 Spring Garden St, the 81-unit project at 225 N 13th St, the 31-unit project at 326 N 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?