1540 Hamilton

1540 Hamilton Street a 22,977 SF corner development site, boasting two extremely large frontages — 230’ on 16th Street and 100’ on Hamilton Street — this site is situated in a opportune location that is in the middle of a massive development boom. It is a prime location — especially with a “unity of use” strategy potential the seller is offering — for any high-rise possibility, and including but not limited to, mixed-use (superb locale for a grocer), multi-family, hotel, office (great spot for a life-science building). The site sits in the heart of the Logan Square neighborhood, directly across from Callowhill, steps from Broad Street and Philadelphia’s Central Business District as well as Philadelphia’s famous Art Museum district. It also is next to the next phase of the Rail Park, deemed “The Cut”. The parcels are currently zoned CMX-4 which allows for neighborhood-serving retail and service uses, and multi-family residential uses. With such a significant size of vacant land, there are numerous options to increase density for new construction. Additionally, to maximize the value, a Buyer may consider trying to upzone the parcel to get more FAR. The seller of 1540 hamilton Street also owns the adjacent site at 16th & Callowhill (1527-47 Callowhill Street) measuring 40,849 +/- SF. We are including the site plans of both properties on Pages 4 & 5. The seller is willing to allow for a “unity of use” strategy to pile on the FAR from the 16th & Callowhill site to the 16th & Hamilton site (or vice-versa). Both sites are zoned CMX-4 which allows for (by right) a combined FAR through “unity of use” of 5 x 63,717=318,585 FAR plus any additional FAR bonuses a developer would be able to obtain for development of a high-rise building. In such case, we believe a developer could move fairly quickly toward getting approvals through the “unity of use” and a by-right plan to develop a high-rise on this Hamilton site.