West Philadelphia apartment building, development site up for sale
The Olympic Tower Apartments at 4900 Spruce St. in West Philadelphia.
RYAN SHARROW / PHILADELPHIA BUSINESS JOURNAL
Two West Philadelphia properties with the same owner are up for sale, one eight-story, 150-unit recently built apartment building and another development site two blocks away that could turn into a 12-story, 170-unit project.
West Philadelphia developer Kfir Binnfeld developed the project at 4900 Spruce St. that opened to residents this year and is now listed for $49 million. The development site at 4726-4748 Spruce St. is listed for $10 million.
Named Olympic Tower Apartments, 45% of the units at 4900 Spruce have been leased, according to Global Real Estate Advisors’ listing. The 133,000-square-foot building has 41 ground-floor parking spots, 18,000 square feet of amenity space on the top floor, a fitness center and a rooftop deck with two hot tubs. About 1,500 square feet of commercial space is available as well.
Two blocks east, GREA is also marketing a property at 4726-4748 Spruce St. in the Walnut Hill neighborhood. In the CMX-3 zone, the site can be developed by right with 170 apartments, nearly 23,000 square feet of commercial space and 39 on-site parking spaces.
While not required, including affordable units could allow for a future developer to increase the floor area, height and number of units.
The lot at 4726-4748 Spruce St. is 24,860 square feet, slightly larger than half an acre.
In 2022, Binnfeld’s proposal went before the city’s Civic Design Review Committee with plans for a 12-story building with 170 residential units, underground parking for 28 cars and 76 bicycles and 30,000 square feet of commercial space.
The two sites reflect the westward wave of development from University City, which continues to experience a multibillion-dollar development wave.
Earlier this year EQT Exeter opened The Clark, a six-story, 327-apartment building at 4519 Chestnut St. On Market Street between 46th and 48th streets, Iron Stone Real Estate Partners has plans to build 1,240 apartments.