802 Gravel Pike Listing Details & Market Data

PROPERTY HIGHLIGHTS:

Approved But Not Improved Development Project: This prime property offers an approved development project ready for implementation.

Residential Units: Approval for the construction of 20 residential units provides a lucrative opportunity in the housing market.

Wholesale Business Space: Included in the project is 7,500± SF of wholesale business space, catering to commercial ventures.

Sewer & Water Authority Commitment: Secured commitment for 22 Equivalent Dwelling Units (EDUs) from the Sewer & Water Authority, expanding the potential residential capacity. Historic Tax Credits: Part 1 approval for

Historic Tax Credits, estimated at approximately $950,000, enhances the project’s financial viability.

Zoning Ordinance Change: The project benefits from a zoning ordinance change allowing multi-family conversion, adding versatility to its usage.

Parking Design & Approval: Parking solutions are in place, meeting code requirements without the need for variances.

Additional Lot Purchase: Included in the project is the purchase of a section of the lot next door, providing a full driveway around the building with extra parking space.

Parking Agreement: A parking agreement with the adjacent restaurant ensures ample parking availability.

Land Development Approvals: The project has secured necessary approvals from Penn Dot, applicable zoning authorities, and a Zoning Hearing Board decision on all requested variances.

Potential for Additional Units: Possibility of additional residential units with variance for less than two parking spots per unit.

Central Location: Conveniently situated with close proximity to I-476 and Routes 100 & 663, offering easy access to both Lehigh Valley and Delaware Valley.