Tuesday, September 14, 2021

New $55 Million Multifamily Complex Set To Be Completed by End of 2023

 By Scott Morrill CoStar Research

A joint venture between Method Co. and Cimbra Partners has started construction on a new 142-unit multifamily complex in the East Falls neighborhood of Philadelphia.

The $55 million project is set to include a mix of one- and two-bedroom floor plans with select bi-level duplex units, short-term furnished rental units and 10,450 square feet of ground-level retail space.

Method Co. and Cimbra Partners secured a $30 construction loan for the project from Pacific Western Bank.

The project's amenities are set to include an outdoor pool and lounge, residents’ lounge, game room, private workspaces, fitness center, yoga room and bike room. It will also feature a public art installation in accordance with the city's Percent for Art program.

The project is located along the Schuylkill River at 4300 Ridge Ave. in East Falls, a neighborhood that has a scenic riverfront, burgeoning restaurant scene, regional rail access and walkability.

"The challenge for residential developers in East Falls has never been leasing up projects once they are complete, but rather finding large enough parcels in which to build at scale," said Adrian Ponsen, CoStar's director of market analytics for Philadelphia. "This project has already cleared that hurdle having secured the most visible development site in the neighborhood and will likely further enliven the already up-and-coming retail corridors along Ridge and Midvale Avenues in its backyard."

Method Co. and Cimbra Partners' project is set to be completed by the end of 2023.


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