(Read more on the multifamily market.)
PHILADELPHIA-By a unanimous vote, the Redevelopment Authority of Philadelphia has preliminarily selected a development dubbed East Village for its 1.6-acre former Rivage catering company site at 4300-4326 Ridge Ave. along Kelly Drive in East Falls. It is a $66.2-million, two-building, mixed-use project developed by Riverfront District Partners.
The development team consists of David Stubbs of locally based Ivary Towers Investments; Paul Horning of Devon Urban Advisors, which is headquartered in suburban Devon; and Ball Street Fund, which is the lead developer, based in Washington, DC and headed by Brian Davis and Christian Laettner. Silver Spring, MD-based Torti Gallas & Partners are the project's architects and land planners.
East Village calls for 173 residential units in a mix of 55 for-sale condos and 118 rental apartments along with 10,000 sf of ground-floor retail and a three-level indoor parking garage. A landscaped pedestrian corridor, the Shops at Gustine Walk, separates the two buildings, Gustine Commons and RiverPlace, which are connected by a bridge over the corridor. The complex also reconnects East Falls with the Schuylkill River.
The team has until Nov. 27 to enter into a development agreement with RDA, which will include a price for the land. It then has six months to obtain the neighborhood's approval of any required zoning variances. RDA facilitates the re-use of vacant, tax-delinquent and blighted property that is either owned by RDA or the city. RDA owns this parcel.
East Village is one of three competing plans for redevelopment of the Rivage site. "It's great," says Gina Snyder, executive director of East Falls Development Corp., a nonprofit community-based organization. EFDC polled its membership, and "this is the project the neighborhood preferred most," she tells GlobeSt.com. It is one of three competing plans submitted to RDA. The other contenders were a partnership led by Fort Washington-based Westrum Development Co. and another headed by locally based Brickstone Realty Corp.
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