Method Co. and Cimbra Partners have broken ground on a 142-unit multifamily development at 4300 Ridge Ave. in Philadelphia’s East Falls neighborhood.
The $55 million development, set to be complete by the end of 2023, will offer 135,000 square feet of luxury residential space, including conventional units, amenities, and short-term rental units, and 10,450 square feet of ground level retail space, including a full service restaurant. The building will also host a public art installation in partnership with the city of Philadelphia’s Percent for Art program.
“Breaking ground on this project is a huge milestone, and it’s exciting to see our vision for this beautiful site move forward,” says David Grasso, the project leader as well as president and co-founder of Method Co. “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 building, designed by Morris Adjmi Architects, is positioned to maximize views of the surrounding natural scenery, including the adjacent riverfront. Units will range from one to two bedrooms in size, with select bi-level duplex residences. Amenities will include an outdoor pool and lounge, an indoor lounge and game room, private work spaces, a fitness center, a yoga room, a bike room, and relaxation area.
The community will also be located within walking distance of shops, restaurants, and public transit, as well as the Schuylkill River Trail.
“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,” says Anne Fadullon, director of the Philadelphia Department of Planning and Development. “The Department of Planning and 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.”
