Development group Streamline has put its roughly 250-unit mid-rise apartment project planned near Fishtown’s Delaware River waterfront up for sale, marketing it as a chance for investors to take advantage of the property’s eligibility for “opportunity zone” incentives under the Trump tax bill.
The apartment project, which would run from Marlborough Street nearly to Shackamaxon Street, across Delaware Avenue from the Sugarhouse Casino and Penn Treaty Park, is being advertised for sale at $16.7 million, according to a listing on the website of brokerage Rittenhouse Realty Advisors.
The project’s online listing notes its location in a qualified opportunity zone under a program passed as part of the 2017 tax law that empowered city and state officials to nominate low-income census tracts as targets for investment. Investors in those tracts can claim big potential savings on their taxes from other asset sales.
Streamline has already secured zoning permits and commissioned architectural designs for the building on the approximately one-acre development site. Streamline chief executive Mike Stillwell said Wednesday that the company may still develop the project itself, but wanted to explore how much it could fetch on the market.
The firm plans to retain ownership of the historic Edward Corner warehouse building adjacent to the development site, which it has been renovating into a new headquarters for itself. That project has come under fire after the aged maritime building was damaged during construction.