SCOPE Commercial Real Estate Services, LLC “SCOPE” is pleased to present Viking Mill, 2019-53 E Boston Street, a multifamily driven, qualified opportunity zone redevelopment site in the East Kensington neighborhood of Philadelphia.
The offering presents a rare opportunity to acquire an existing five-story industrial building with adjacent, by-right, developable in East Kensington. The site is located in a federal qualified opportunity zone (QOZ) providing long term tax benefits to developer/investor. The IRMX zoning is optimal for streamlining the development process and allowing for flexible by-right multifamily build.
The parcel is 36,104 square feet with a five-story structure and attached one-story addition totaling 72,611 square feet. The subject property has three-sided frontage on East Boston Street, Coral Street, and East Hagert Street. Current feasibility plans call for 77 units in the existing five-story structure and building 85 new construction apartments over ground floor light industrial. Parking is also included with 35 surface level spaces between the structures.
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