About two years ago, we brought 4328-44 Ridge Ave. to your attention, noting that the 42K sqft property was available for sale for $1.5M. Mostly because of the location right next to the Schuylkill River, we believed that there was a development opportunity at this address, despite the fact that the two buildings on the property reminded us of an old hotel in the Catskills. We predicted office use, but were still hopeful for a residential conversion.
Passing by the property earlier today, we not only discovered that the property is now under construction, but we also learned that it is indeed moving toward residential use. Huzzah!
According to the sign in the photo above, Overbrook Real Estate Investors are converting the property to residential use and are calling the project the Falls Bridge Lofts. The property will include 46 apartment units, with a mix of studios, one bedrooms, and two bedroom units, and 46 parking spots to boot. This will mean the reuse of the two existing buildings on the property and the construction of a new connecting building which will rise five stories. It stands to reason that the upper units will have some fabulous views of the river.
The sign indicates that the project will be complete by September of 2016, but we don't see how that's gonna be possible. The project website indicates that the first 26 units will be finished by October 1st, with the rest complete by December 15th. Even those dates sound aggressive to us. But whenever the project finishes, we're still jazzed to see that it's happening, and wonder whether the Ridge Flats project next door will soon follow in its footsteps. Assuming that happens, this little stretch of Ridge Avenue / Kelly Drive will be completely unrecognizable in just a couple of years.