GREA Sells Redevelopment Site in Fishtown Neighborhood of Philadelphia for $5.75 Million

The Frankford Fishtown Philadelphia

September 1, 2022

GREA is pleased to announce the $5.75 million sale of a development site located at 1120 Frankford Avenue in Philadelphia. It is the future home of a 107-unit apartment complex called “The Frankford.” The property will be constructed by Philadelphia-based U.S. Construction Inc. and will contain 15,000 square feet of commercial/retail space.

Located just off of the intersection of Frankford Avenue and Girard Avenue in the heart of Philadelphia’s dynamic Fishtown neighborhood, The Frankford will offer residents a state-of-the-art amenity package and luxurious apartment units.

“We were very excited to help put this project together,” said Ken Wellar, founding partner at GREA. “This is one of the most prime redevelopment sites in all of Fishtown. U.S. Construction is planning a state-of-the-art mixed-use project that will fit in well with the already developed neighborhood of Fishtown.”

Fishtown has transformed in recent years to a cultural and dining destination. The property will be walking distance from best-in-class bars, cafes, restaurants and entertainment venues as well as the Girard SEPTA Station to Center City, Philadelphia.

“The location of the development project was the most significant driver of demand,” said Alan Krawitz. “We had several institutional groups bidding on the project, which highlights the national recognition that Fishtown is garnering. Previously, institutional capital focused on Center City and University City Philadelphia without regard for the surrounding neighborhoods. This process, and other projects in the pipeline prove the radius of investable areas in Philadelphia is expanding.”