Global Real Estate Advisors (GREA) is pleased to exclusively offer the opportunity to acquire the fee simple interest in the Steel Heddle Building located at 2100 W. Allegheny Avenue in the Allegheny West Neighborhood of Philadelphia (the “Project” or “Asset”). The Adaptive Reuse Project comprises 257,000 gross square feet of former industrial space, Zoned I1.
The Asset is being offered as the opportunity to develop a transformative mixed-use project in a Qualified Opportunity Zone (or “QOZ”). An incoming buyer can harness the QOZ tax benefit, combined with a multitude of available tax credits, including LIHTC and Historic, to breathe new life into the structure at an attractive going-in basis.
The Project reimagines the former Steel Heddle Manufacturing Company Complex into a combination of apartments, live-work space, and storage with ample parking. Built of non-combustible concrete and steel, the building can follow in the footsteps of many former industrial conversions by creating spaces with unmatched character. This is an opportunity to transform both the neighborhood and the real estate through a flagship development project.
Future tenants will live directly across from the Allegheny Station on the Manayunk/Norristown Regional Rail Line, for access to Center City Philadelphia and Suburban Philadelphia, while also being minutes from major highways, including I-76, I-676, and I-95, providing access for motorists to the entire Philadelphia MSA.