The two-acre site is located in the trendy Fishtown neighborhood and has proposed plans for a mixed-use project

JLL Capital Markets experts have been retained by Grand Street Development and Kamson Corpto market the largest development opportunity available in the rapidly evolving Fishtown neighborhood of Philadelphia. The two-acre site at 2621-2667 Frankford Avenue holds nearly 450,000 buildable square feet of air rights, and has proposed plans for a mixed-use project containing 525 units, ground floor retail space and 158 parking spaces.

Bob Knakal, Chairman; Brendan Maddigan and Stephen Palmese, Vice Chairmen; James Galbally and Ethan Stanton, Managing Directors; Colin Behr, Senior Vice President; and Patrick Madigan, Vice President, are members of the JLL team leading this project. Keith Kurland, Vice Chairman, will consult on debt and equity options.

“This unique offering presents an investor with an opportunity to get in on the early phase of a vibrant and rapidly changing neighborhood in Philadelphia,” said Knakal. “The Philadelphia market has captured the attention of major developers, and 2621-2667 Frankford Avenue is a standout site that will enable investors to capitalize on the millennial-driven redevelopment of Fishtown as the area continues to attract a dynamic young demographic.”

2621-2667 Frankford Avenue was previously occupied by the local Woods Brothers Building Materials company, which served the community for many years. The site is situated within an Opportunity Zone and is eligible for significant tax incentives, including a 10-year tax abatement on new residential developments. Located immediately northeast of Center City, it is served by the Market-Frankford Line rapid transit subway, or the El train, as well as bus lines, while the I-95 connects Fishtown to New Jersey, New York, Baltimore, and Washington D.C. in less than two hours.

“The past ten years has seen Fishtown transform into one of the most popular neighborhoods in Philadelphia for millennials, with new developments alongside traditional row houses,” said Maddigan. “It has also developed one of the hottest arts, music and culinary scenes outside Center City as these new residents drive a market for locally sourced products, from pickling companies to brewers.”

JLL’s Palmese added, “Fishtown has become a magnet for young urban professionals drawn to Philadelphia’s low unemployment rate, competitive salaries, and an affordable housing stock. Demand for housing continues to drive a market for new developments, and the site at 2621-2667 Frankford Avenue provides a developer with an excellent opportunity to meet that demand.”

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2018, the New York tri-state team completed approximately 30.8 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $9.1 billion; managed projects valued at $10.3 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 186.7 million square feet.

AboutJLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com