March 2023

8A —March 2023 — M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal

Phil Sharrow leads transaction of QOZ mixed-use development for $7.9 Million SCOPE facilitates sale of 144-unit development at 1201-15 Callowhill Street, Philadelphia


HILADELPHIA, PA — Scope Commer- cial Real Estate Ser-

vices, LLC ( SCOPE) has closed the sale of 1201- 15 Callowhill St. , a 144- unit ground- up mixed-use development project locat -

Phil Sharrow

ed in the Callowhill neigh - borhood of Philadelphia. The property sold for $7.9 million. SCOPE marketed the prop - erty on behalf of the seller,

1201 Callowhill Street

Conceptual Renderings Courtesy of JKRP Architects

an affiliate of Patriot Parking Inc. managing director, Phil Sharrow led the transaction on behalf of SCOPE and the respective deal party. The buyer, a regionally based qualified opportunity fund joint venture, purchased the property with zoning and building permits in place that required revision. The proper - ty was sold with a full ten-year tax abatement and partial construction documents. “The Callowhill project started as a lower density co-living concept with a mas - ter lease from an opera - tor that did not survive the COVID-19 pandemic,” adds Sharrow. “SCOPE worked closely with the seller and its architect to revise the project to a market-rate format and maximize the sale as there was minimal interest in its co-living concept because of various market constraints.” The project site consisted of 20,000 s/f with CMX-4 zon - ing in a qualified opportunity zone. 1201-15 Callowhill sold at $395 per land square foot - age and $55,000 per buildable unit, setting another high- water mark comparable for this submarket. “SCOPE is also affiliated with over 150 units currently under construction at 1201 Vine St. , and 500 N 13th St. , less than two blocks away from the subject property,” comments Sharrow. “On North Broad St., Toll Brothers is cur - rently completing their enve - lope on a high-rise multifamily rental project. Developers see this pocket as a very central neighborhood to Philadelphia that has many of the same cre- ative drivers and features that other rapidly appreciating neighborhoods in major cities were predicated on.” MAREJ

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