Philadelphia-based Method Co., a real estate management, development, and design company rooted, and Cimbra Partners have broken ground on a $55 million multifamily rental development at 4300 Ridge Avenue in the East Falls neighborhood of Philadelphia. It will feature 142 luxury rental apartments, a rooftop pool, fitness center, short-term furnished rental units, 10,450 square feet of ground-level retail, and a public art installation in accordance with the City’s Percent for Art program.
The project will be led David Grasso, the President and Co-founder of Method Co., the company behind the successful hospitality and real estate brands, ROOST Apartment Hotel, Wm. Mulherin’s Sons Restaurant & Hotel, HIROKI and Whyle. Recently, the real estate company and Cimbra Partners have secured $30 million in funding from Pacific Western Bank.
The development will be the first luxury riverfront rental to debut on Kelly Drive, Philadelphia’s charming hillside enclave known for its hiking and biking trails. Designed by Morris Adjmi Architects, it will provide a comfortable lifestyle in the heart of East Falls, adjacent to the Falls Bridge. The 142 apartments will range in size from one to two bedrooms, with select bi-level duplex residences.
The highly desirable area, Kelly Drive, is within walking distance to several public transit options as well as the Schuylkill River Trail, a popular route for bicyclists to take either into the city center or out to Valley Forge Historical Park, and it’s highly accessible to dining, shopping and the Wissahickon trails in the East Falls area. The neighborhood is also home to trendy new restaurants and bars, locally-owned coffee shops, and manicured parks.
With construction now underway, the project is slated for completion by the end of 2023.