As Center City and the core Philadelphia neighborhoods have become more built out and more expensive over the last decade, developers have had to look for opportunities farther away from city hall in sometimes interesting locations. We told you last month about a 134-unit project planned for East Falls. Not too far from that project site, another large development is being proposed.
3417 W. Indiana Ave. is a large, vacant IRMX and RM-1-zoned parcel between 34th and Shedwick just off of Ridge Avenue. The block is filled with industrial properties and vacant lots that would make a residential mixed-use building look out of place.
The development team obviously sees potential in the location within a qualified opportunity zone (QOZ) and has a forward-thinking vision. They are proposing a 7-story, 176-unit project with 19,900 square feet of retail on the site. The project will also include 74 car parking spots, 64 bike spaces, a pool, a dog park, a green roof deck, and a fresh food market on the ground floor. This project is being pursued by-right.
The residential and retail entrances are planned for Indiana Ave. while the parking entrance and loading dock will be located on 34th St. The building will be clad in black brick and gray and orange metal panels. Standing at a total height of 85 feet, this will be the tallest building on the block.
As mentioned, the project is being pursued by-right. However, the development team will need to appear before the non-binding Civic Design Review (CDR) for feedback on December 3rd.
We appreciate the residential density and retail space that the project will bring to this section of Philadelphia. It is always nice to see a vacant lot get transformed into homes and places for businesses to operate. Existing nearby neighbors are also likely happy to see a fresh grocer planned for the site. How do you feel about this project? Would you live on this block?
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