Permits have been issued for the construction of a five-story multi-family building at 2738 Federal Street in Grays Ferry, South Philadelphia. The development will offer 23,914 square feet of floor space and will include 24 condominium units, a cellar, balconies in the front and rear of the structure on the second through fourth floors, and a roof deck above the fourth floor. Four accessory parking spaces will be included in the project, with one set to be ADA and van accessible, as well as 12 bicycle spaces. Gnome Architects is listed as the architect for the project, with GRIT Construction taking up the contracting work. Construction costs are estimated at $1,434,870.
The new building will replace a vacant property in a prominent location just off Grays Ferry Avenue. Formerly, the lot was used for industrial purposes, although the remaining shell of the former structure has been demolished.
The addition of 24 residential units on a property that was formerly occupied by none will provide a significant density boost for the neighborhood. The area has recently seen a notable number of multi-family proposals, transitioning it from single-family development that used to make up nearly the entirety of the neighborhood. As such, local real estate demand has risen high enough go call for construction of even larger projects.
No completion date is currently known for the project, though construction may be finished by 2022 or 2023.