Commercial real estate broker CBRE Inc. is offering the
former Frankford Chocolate factory, a 241,000 sq. ft. aging brick facility on a
100,000 sq. ft. lot at 2101 Washington Ave., For Sale. "This is the
largest piece of available development land in the city at the moment,"
CBRE's Robert Fahey says. Features the city's "hottest residential
neighborhood, and some very interesting history behind the owner."
The ex-factory's late owner, Vienamese immigrant turned
New York low-rent hotelier Truong Vinh Tran, paid a modest $5.75 million for
the property in 2007 and proposed a $100 million mixed-use development.
Troung's project was scaled down and approved by the city, but languished in
the recession; he died in 2012, leaving the project in litigation. Meanwhile
the neighborhood rapidly gained value as Center City housing demand has risen
faster than the supply.
The site is zoned I-2 and offers buyers a choice:
"to convert the existing building into a residential use with commercial
space while emphasizing the historic aspect, or demolish the building and start
from the ground up," CBRE says. The brick heart of the complex dates to
1865 and may be eligible for federal Historic Investment Tax Credits.
Source: Philly.com
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