Back in March of 2021, we updated you on the 147-unit, mixed-use project dubbed Avenue V that was being built by The Riverwards Group on the southeast corner of 5th and Cecil B. Moore Ave. on the site of a former pallet yard. Construction has progressed a ton since that update with the north side of the site nearly fully built out. However, it looks like there are some major changes planned for the south side of the site.
What was previously planned to be a collection of triplexes and a quadplex equating to roughly 60 units on the south side of the site will now be something much bigger. The Riverwards Group is now planning a 6-story, 72-feet tall building with 200 residential units, over 14,000 square feet of artist studios, 51 automobile parking spots, 92 bicycle stalls, a green roof, and a roof deck on the 38,162 square foot parcel.
The building will be clad in red brick on the first floor and metal panels and Hardie Plank siding on the upper floors. The drive aisle will cut from 5th Street to Germantown Avenue on the north side of the building. A pedestrian walkway will connect 5th Street and Turner Street on the south side of the site.
The project can proceed by-right on the IRMX and RM-1 zoned lot. The development team will appear before the Civic Design Review on May 3rd for non-binding feedback.
We’re big fans of the new plan here. Large parcels zoned for dense residential development are becoming fewer and farther between in this highly-desirable, transit-accessible section of Philadelphia. Before we know it, there won’t be any opportunities left to build large projects in the neighborhood. So, we’re happy to see more homes built here than previously planned.
How do you feel about this project and all of the action surrounding 5th and Cecil B. Moore Avenue. Do you like this plan better than the previous proposal?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property