The area surrounding 13th St. and Ridge Ave. is quite odd. Vacant lots, parking lots and industrial buildings are situated to the north and west of the intersection. New construction, and stately old townhomes lay to the east. Past the parking lots and vacant parcels, development is everywhere. We recently told you about a 290-unit mixed-use tower planned for Broad and Spring Garden, an awesome 41-unit adaptive reuse project at Broad and Wallace, and 521 units rising at Broad and Ridge. So, it is only a matter of time until the vacant lots surrounding 13th and Ridge are developed.
Just two blocks south on Ridge Ave. from the 521 units mentioned above is 1245 Ridge Ave., a 10,910 square foot Residential Mixed-Use-3 (RMX-3) zoned property. Developers purchased the property that formerly held an auto repair garage in September of 2017 for $1.15 million. The new owners demolished the garage and proceeded to obtain a zoning variance in April of 2018 for the erection of a 39 residential unit building with 2 car parking spots and 13 bicycle spaces. No commercial spaces were included in the plans.
When construction permits were pulled in September of 2018, plans changed to include only 38 units. The building is now topped out and the facade materials are being installed. Although this building will not hold the architectural significance of the nearby Divine Lorraine or Stable Lofts, we believe this is an important infill project. A car-filled lot is being replaced by 38 housing units, which will provide more eyes on the street. This is a step in the right direction for this intersection. We look forward to seeing surrounding vacant lots developed and hope these projects put pressure on the owners of some of the parking lots to build on their land. Look out for an 8-unit project at 1301 Ridge.
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