New 157-unit apartment building planned for South Street parking lot.
A new development project is poised to transform a surface parking lot located on Bainbridge Street near East Passyunk Avenue in Philadelphia’s Queen Village neighborhood. Local development firm Alterra Property Group has partnered with longtime lot owner E-Z Park to finally move forward with plans that have stalled multiple times in the past.
This urban redevelopment initiative will see the conversion of the half-block site, which has been characterized by its asphalt expanse, into a mixed-use structure comprising 157 residential units. Alterra is taking over the project from Berwyn-based LCOR, the previous development partner, and has committed to continuing with the initial design and planning established by LCOR.
The proposed building will include a mix of apartments predominantly consisting of 92 studio units, alongside 36 one-bedroom apartments and 29 two-bedroom options. The layout also includes 37 parking spaces designated for residents. Two commercial spaces will be available on the ground floor; a 3,700-square-foot section situated at the corner of East Passyunk and Bainbridge, and an additional 1,600-square-foot space further down Bainbridge.
According to Alterra’s managing partner, this redevelopment will enhance the community by replacing a parking lot with quality urban housing, which aligns with contemporary urban planning principles. The projected completion of the project is anticipated for mid-2027, with architectural design still credited to Bernardon.
Earlier development plans proposed in 2018 suggested a concept that included a mini-Target and larger family-oriented living spaces, capitalizing on the area’s reputation for being within the prestigious Meredith public school catchment. However, the new proposal appears to shift focus towards a younger demographic, indicating a decrease in the focus on family-sized units.
E-Z Park, recognizable as a historic Philadelphia business, had previously managed parking facilities in the area, commencing operations at a lot on Third and Bainbridge — a space that was redeveloped into housing years ago. The original vision for the Bainbridge and East Passyunk site included plans for 50 apartments and a comprehensive 152-space parking garage. However, the financial impacts of Philadelphia’s elevated parking taxes have prompted a strategic pivot towards residential development, thereby reducing public parking demands.
While local business owners express concern over diminishing parking availability, especially as South Street revitalizes and attracts more shoppers, stakeholders recognize the importance of adapting to changing city needs. The transformative project is expected to have significant implications for the neighborhood, contributing to both residential options and commercial growth within the thriving Queen Village community.
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