We’ve covered a few projects in the past surrounding Ridge Ave. and Allegheny Ave. including 27 units + retail, 176 units + retail, and a 134-unit project. This area along the river borders East Falls on the northern side, has a nice existing housing stock, and still has a bunch of large parcels that have not been developed.
It looks like one of these undeveloped lots will see some action in the near future. Zoning permits were pulled in May for the construction of a 220 unit complex on the 3.38 acre RM-1 parcel at 3449 Scotts Ln., which is currently a surface parking lot. The project, lead by Stamm Development Group, will entail two attached structures with 220 parking spots and 83 bicycle spaces.
The buildings will rise 38 feet over 4 stories. The facade will be made up of metal paneling, fiber cement panels, and brick. This project is by-right, so it can proceed without a variance from the ZBA. However, because of the size of the project, the development team will have to appear before the non-binding Civic Design Review (CDR) in September.
We think 220 homes for people is a much better use of this land than a surface parking lot. The 1 to 1 parking ratio seems high to us, but it’s better than all parking and no residential units. An old proposal for this lot entailed 92 residential units and 146 parking spaces. The current iteration looks like a much better project.
This property is a 0.5 mile walk to the East Falls Station on the Manayunk/Norristown Line, which should be a draw for people working in Center City or in the Conshohocken area. However, we could see some of the future residents of this project working in more auto-centric suburbs.
How do you feel about this project?
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