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Philadelphia,PA 19107
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 2,520 sqft
Price per Sqft $674
Subdivision Center City
MLS Listing ID PAPH2535194
Year Built 1930
Available Date 2025-09-08
Annual Tax Amount $32,315
Tax Year 2025
Lot Size 2,520 Sqft
Acres 0.06
Lot Dimensions 36.00 x 70.00
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
Introducing" "The Library Tower" assemblage on Irving Street in downtown Philadelphia, Pennsylvania. With a highly coveted CMX4 zoning designation, this premier assemblage of historic properties presents an ideal canvas for historic redevelopment aficionados. Capable of rising 20-storeys high into the sky with up to 128 apartment units, The Library Tower can be treated as several proposed concepts if high-rise development is not preferred. Please request alternative concepts "B" & "C" from listing agent if desired. 1311-13 Irving can accommodate up to 29 apartment units on its own with ±31,500 SF buildable. The historic facades must be preserved due to the Washington Square West Historic District overlay but it creates a distinguishing factor for a totally unique, architecturally-inspired redevelopment. The redevelopment qualifies for a FULL 10 yr tax abatement based on renovations of the existing structures; pay taxes on the present assessed value rather than the value of the improved structure(s). Qualify for lucrative state and federal historic tax credits to offset construction costs (see below for more info). Surrounded by the city's best amenities, transportation hubs, restaurants, cafes, shops, employers, healthcare centers, bars and nightlife, The Library Tower assemblage is a bulletproof real estate investment opportunity in a Top-10 USA MSA. Centrally located in the urban core in the vibrant Midtown Village neighborhood and tucked away on a quiet, residential street with "street to street" access (Irving to Latimer), the site allows for an easy construction process in terms of access/egress for trades and potential cranes on site in the heart of the city — an extreme rarity. Severe high-barriers-to-entry exist in Center City Philadelphia, as the availability of dense urban infill sites wanes due to high rental demand in one of the most historic, yet contemporary and cosmopolitan cities in the nation due to its culture, connectivity, commerce, cuisine, quality of life and top-tier universities, employers, historic sites and professional sports teams.
Location
State PA
County Philadelphia
Area 19107 (19107)
Zoning CMX5
Interior
Hot Water Other
Heating Other
Cooling Other
Heat Source Other
Exterior
Garage Spaces 2.0
Water Access N
View City
Accessibility None
Total Parking Spaces 2
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Philadelphia City
Others
Tax ID 054136500
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard