A prime location for new development has opened up along Broad Street.
The long-time vacant KFC location at Broad and Bainbridge is currently on the market for $5.2 million.
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You’ll notice in the photo above, there’s now a sign on the property indicating that it’s for sale. It’s not so often that a corner property on South Broad Street so close to downtown becomes available, so it was with some excitement that we reached out to MPN Realty, the brokers for the property, for some details. They told us that the property is available for $5.2M. It’s got CMX-3 zoning, has three street frontages, and measures just under 9,000 sqft.
Off the top of our heads, we can think of a couple of possibilities for the property. The best case scenario would probably be a mid-rise mixed-use building, with maybe 30-40 apartments and ground-floor retail. But the cost of construction plus land would result in a project that, by our back of the envelope calculations, would produce a return of about 3.5% per year. So we’re not sure that anyone is rushing to do that project. If a developer could combine the corner parcel with the 12,500 sqft property next door, demolish everything, and build a higher-end five-story building with a larger footprint, that would likely be a more attractive alternative. But for timing, that could have happened, as the building next door was available just a few years ago. With several tenants now locked into leases there, we’d now wager that the building isn’t going anywhere.
What would you like to see happen to this prime location along Broad Street?