The development boom on the East Falls waterfront continues unabated with the start of the construction on a major residential development near the left bank of the Schuylkill River. Method Co. and Cimbra Partners have recently announced the groundbreaking of a five-story, 142-unit rental development at 4300 Ridge Avenue. Designed by Morris Adjmi Architects, the 135,000-square-foot complex will feature a wide array of resident amenities, while 10,450 square feet of retail and a public art installation, undertaken in conjunction with the city’s Percent for Art Program, will enliven the pedestrian experience.
Method Co. is a real estate management, development, and design company that generally focuses on hospitality projects. David Grasso, the President and co-founder of the company, has issued the following statement:
“Breaking ground on this project is a huge milestone, and it’s exciting to see our vision for this beautiful site move forward. Philadelphia is our home base and we have been developing successful new projects of all types here for decades. Through our experience, we immediately recognized the potential for this site and feel our plans for a modern design, central location and thoughtful suite of luxury amenities will quickly attract residents.”
The development is being billed as the first luxury riverfront rental to be built along Kelly Drive. The apartments will range from one to two bedrooms, and will offer access to amenities such as a fitness center, rooftop pool, lounge, game room, private workispaces, yoga room, a relaxation area, and a bike room.
Anne Fadullon, Director of the City’s Department of Planning and Development, shared the following commentary:
“The City is excited to partner with Method Co. to break ground on this long-awaited project that will transform a large parcel of publicly owned land into a mixed-use building that can be an asset for the community and visitors alike. The Department of Planning & Development, in cooperation with its sister agency PHDC, works hard to partner with developers and ensure that publicly owned land is redeveloped to its highest potential, and for the benefit of our communities. In addition to providing new housing and retail, this project will feature an original, permanent work of public art, commissioned through our Percent for Art program.”
The development will benefit from its adjacency to public amenities such as the Schuylkill River Trail and the East Falls Station of the SEPTA Regional Rail, which offers a direct commute to Center City.
Building construction costs are estimated at $55 million. Completion is expected by the end of 2023.
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This project took almost 100 years to navigate through the zoning vagarities with unreasonable members of the RCOS and the local councilman. From a planned size of 7 floors, this was downsized to 5 floors with a reduction in height. To get to groundbreaking is a miracle with dealings among many groups of people. The project will be finished in 2023.