The NKCDC (New Kensington Community Development Corporation) has plans on its website for the future of Frankford Avenue as an "arts corridor". I have been to some of the meetings, and they have hired an architectural firm to help plan it. They want to involve local artists in its reshaping, and I think it seems like a great idea. Good luck!
And this is what is going in on the lot of the former Schmidt's brewery on North 2nd Street. More...This essentially has been in development for a few years and it what was drove me to think that Fishtown was a good place to buy a house. My property is only a few blocks from the site, and I hope that as things get built up in the 'hood, I will profit! Whether or not these buidlings are the best thing for the people that already live there, that is another story.
Photos of the brewery before it was demolished.