Permits have been issued for a the construction of a multi-family residential development at 2723 Federal Street in Grays Ferry, South Philadelphia. The building will rise three stories tall and include six residential units. A total of 6,133 square feet of space will be included in the development and construction will cost an estimated $827,955.
The building will replace a vacant lot covering a portion of a large, triangle-shaped field. This large swath of vacant land is one of the few remaining open parcels in the northern section of the neighborhood, and recently held a massive dirt pile from excavation for a development on the same block.
Development began to trickle into Grays Ferry a few years ago and has since become steady, with the hot Point Breeze market spilling over from the east. By now, residential construction is visible on almost every block. In recent months, the market has become strong enough that some developers are planning multi-family projects in addition to the many single-family developments. These projects will continue to increase the density of the neighborhood and help establish Grays Ferry as an up-and-coming neighborhood.