Yesterday, we told you about a 48 unit building replacing a garage in Francisville. This area is really booming. There are construction projects down almost every street you walk. Ridge Avenue, a commercial corridor that has been getting rebuilt after years of neglect, has seen a ton of new development over the last ten years. A decade ago, many parcels were filled with buildings in disrepair or were vacant lots. This area’s proximity to Center City and the Broad St. Line have made it a target for developers and new residents.
Today, we bring you the intersection of 16th and Ridge, which is a short walk from the 48 unit project. Modern buildings line the surrounding blocks. Ridge Avenue is a diagonal street that cuts through the city grid, which makes for some oddly-shaped parcels on the thoroughfare.
On the northeast side of the intersection, an 8 unit, five-story building with ground floor retail space is rising at 1555 Ridge Ave. This 2,232 square foot CMX-2.5 zoned trapezoidal parcel was purchased by developers in 2018 for $460,000. The building is currently topped out with most windows already installed. When we walked by and saw the building under construction, we expected the facade to be clad in some kind of modern material in the near future. However, the rendering depicts a brick facade. We think the rendering looks really nice and hope the final product lives up to expectations. Stamm Development Group is the company behind this project.
Just south of this project is 1540 Ridge Ave., a 2,017 square foot CMX-2.5 zoned parcel. An impressive 3-story triangular brick building with a beautiful cornice stood on this property until it was demolished in 2018. Today, a 5-story, 8 unit, mixed-use building is rising. This project looks to be slightly closer to completion than the one across the street as the facade is nearly entirely installed. 1540 Ridge Ave. is a more modern-looking building with squared burgundy bay windows. Two tones of gray materials compose the rest of the exterior. The project is being led by Trinity Realty Companies.
Within the next five to ten years, we imagine most of the vacant and underutilized parcels on Ridge Avenue from Broad St. to Girard Ave. will be redeveloped. As more residents move to the area, it is important to have a good mix of retail and businesses in the neighborhood. From barbers and dry cleaners to restaurants and bars, commercial activity is an important aspect of a successful neighborhood. We hope that Ridge Ave. is filled with quality commercial tenants and not vacant storefronts as it continues to evolve. What amenities do you think the neighborhood needs?
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