Callow East Philadelphia

February 21, 2017 [Philadelphia, PA] – Colliers International has been selected as exclusive agent for the Willow Management Corporation portfolio, to market this major redevelopment opportunity of prime developable properties in the Callowhill East section of the city where rezoning legislation recently opened the area for high density development.

On the drawing board is Callow East – a prime assemblage of family-owned, never before offered parcels at the edge of the Philadelphia Central Business District valued at just under $80 million.

These properties meet and exceed the demand criteria for modern development and have the ability to become a spectacular visual landmark and a strategic gateway to the city.

The foundation is laid and the canvas is set for the right visionary to develop Callow East into the next new hot pocket and transform the area into an important, vibrant, walkable neighborhood.

Details:

The portfolio encapsulates eight commercial properties totaling more than 338,000 SF of land (approx., 7.75 ACS). The main focus of the offering are the five most central sites, known as Callow East, the jewel in the crown. Callow East possesses the ideal footprint to support a modern urban mixed-use development with unobstructed 360 degree city views. It sits directly on a major east/west thoroughfare connecting residents to primary roadway access into and out of the City with ease. The stage is set for this to become a spectacular visual landmark, an important connector to the City. The key components for a successful, place-making development are here: zoning, location/access, demand.

Key Takeaways:


  • Prime real estate with potential to be Philly’s next “new neighborhood”
  • At the foot of the area’s primary roadways and main thoroughfares as well as public transit points.
  • Ideal footprint to support a modern, walkable, mixed-use development
  • New zoning has been obtained which presents a never before offered opportunity for a mixed use high density “place-making” development.
  • 360 degree unobstructed protected views
  • Shovel-ready site
  • Proximity to many of the most exciting new developments the City has to offer
  • Strong demand drivers from a growing jobs market, a large millennial population, and a booming residential construction market

The Assemblage


  • 444 N. 3rd Street
  • 437-461 N. 3rd Street
  • 412-426 N. 2nd Street
  • 200 Spring Garden Street
  • 854-862 N. 3rd Street
  • 430 N. 4th Street
  • 600 Spring Garden Street
  • 827 Spring Garden Street

Zoning:


  • While the area has been humming with investor interest since the Zoning was changed to CMX3 in late 2015, opening it up to residential, commercial and office development, Callow East is still one of the least densely occupied areas in the city. Even more significant, however, is the “bonus building height” allowance for the slice of land on which this assemblage sits (between Willow Street and Callowhill,Streets) that lifts building height restrictions to as high as 300 feet (approximately 30 stories).
  • Willow Management has already conducted the design phase of one of the sites at 3rd and Callowhill Streets with a local architect. Approvals have been obtained for a high-density development there. The site is basically shovel-ready.

Location/Access:


  • All the primary roadways leading into and out of the city are less than a minute’s drive.
  • The Philadelphia CBD, public transit points with connections to Regional Rail, and Indego Bike Share ports are all within walking distance.
  • Philly’s most popular neighborhoods like Old City, the Waterfront, Northern Liberties, and the newly dubbed Spring Arts District, are all within a 5-15 minute walk.
  • Convenient proximately to many of the most exciting new developments the City has to offer, the Viaduct Rail Park, SONO Yards Brewery, Winterfest

Demand:

A growing jobs market, a large millennial population and a booming residential construction market. Center City has emerged as a thriving, 21st century 24-hour downtown. Compact and walkable, its sidewalks are surrounded by a thriving mixed use setting for business, innovation, education, cultural and civic activity, making it one of the fast growing residential locations in the region.