The area surrounding Ridge Avenue, Allegheny Avenue, and Hunting Park Avenue is starting to feel like an extension of East Falls. We recently told you about Dobson Mills Phase II, a 134-unit project at Ridge and Scotts Lane. We also told you about a 176-unit mixed-use plan at Ridge and Indiana. East Falls has become more expensive, and developable land has been harder to acquire for real estate developers. For this reason, it is logical that projects are being planned in the neighborhood just south of East Falls, which has a good existing housing stock and sits right next to the parklike Laurel Hill Cemetery along the River within a qualified opportunity zone.
Just yesterday, we were passing through East Falls, then heading west when we saw a new construction mixed-use project rising out of the ground at 4001 Ridge Ave. In October of 2017, demolition permits were pulled and the beautiful old brick building that sat at Ridge and Scotts Lane was demolished.
The 11,708 square foot development site is zoned RSA-5, which only allows single family homes by-right. Back in April of 2018, developers were granted a variance to combine 4001-4007 Ridge Ave. and to build a 4-story, 27-unit building with ground floor commercial space, a roof deck, and 22 underground parking spaces on the parcel.
It looks like the building is now topped out. Windows are beginning to be installed on the upper floors. Large windows will wrap around the ground floor fronting Ridge Avenue and Allegheny Avenue, which we hope will provide a good retail presence for whatever operator takes over the space. We have not seen a rendering for the project, but are interested in how the facade will turn out.
Although we are sad to have seen the old building on the site demolished, we think this is a good project for the area. The residential density and the large commercial space should add to the energy that has been building in this section of Philadelphia. There are a bunch of other multi-family and townhouse developments planned for this neck of the woods. We look forward to seeing how this area continues to develop over the next several years.
UPDATE: Renderings for this project are now available:
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