Property Description

5235 Chestnut Street offers the opportunity to acquire a multifamily development site approved for 204 residential units in West Philadelphia. The project has been designed entirely within the parameters of CMX-2.5 zoning and benefits from an issued zoning permit, completed Civic Design Review, a completed Streets Department developer-services meeting, and a clean phase 1 ERSA study. Located in an Opportunity Zone census tract adjacent to the 52nd Street Market-Frankford Line station and the historic 52nd Street commercial corridor, the project has been planned as a transit-oriented, car-free development without structured parking requirements, creating a meaningful construction cost advantage. The unit mix emphasizes smaller, efficient layouts designed to maximize density and rent-per-square-foot performance. The property is subject to the Mixed Income Neighborhood Overlay. The required affordable housing component consists of 41 rent-restricted units, which may be satisfied through Housing Choice Voucher tenants. Current Philadelphia Housing Authority payment standards greatly exceed traditional 40% AMI rent levels, providing additional flexibility in executing the project's affordability requirements. With key approvals already secured and substantial predevelopment work completed, 5235 Chestnut Street provides developers with a clear path toward construction while avoiding one of the most significant risks in the Philadelphia entitlement process.

Property Features

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