PHILADELPHIA, PA - Method Co., a real estate management, development and design company rooted in hospitality, and Cimbra Partners announce the groundbreaking of a transit-oriented, 142-unit multifamily rental development located at 4300 Ridge Avenue in the East Falls neighborhood of Philadelphia. The $55 million project will feature 135,000 square feet of highly amenitized luxury rental apartments including a rooftop pool, fitness center, short-term furnished rental units as well as 10,450 square feet of ground-level retail. The project will also incorporate a public art installation in accordance with the City’s Percent for Art program. With construction now underway, the project is slated for completion by the end of 2023.
The groundbreaking follows recent news that Method Co. and Cimbra Partners have secured $30 million in funding from Pacific Western Bank. Plans for the project’s retail spaces, including a full-service restaurant, are forthcoming.
Having successfully launched the hospitality and real estate brands, ROOST Apartment Hotel, Wm. Mulherin's Sons Restaurant & Hotel, HIROKI and Whyle, Method Co. has combined its expertise in design, placemaking and operations to lead the development this new project. The project will be led by David Grasso, the President and Co-founder of Method Co.
“Breaking ground on this project is a huge milestone, and it’s exciting to see our vision for this beautiful site move forward,” said David Grasso. “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.”
Situated alongside picturesque Fairmount Park and the Schuylkill River, the project will be the first luxury riverfront rental to debut on Kelly Drive. It was designed by Morris Adjmi Architects, a celebrated national architecture firm, to maximize views of the natural scenery encompassing the site, and will offer a serene 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 luxury amenities will include an outdoor pool and lounge; a residents’ lounge and game room; private workspaces; and a suite of wellness amenities, such as a state-of-the-art fitness center, yoga room, bike room and relaxation area.
“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,” said Anne Fadullon, Director of the City’s Department of Planning and Development. “The Department of Planning & 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. In addition to providing new housing and retail, this project will feature an original, permanent work of public art, commissioned through our Percent for Art program.”
The location of Kelly Drive will be a desirable factor for residents. It’s in walking distance to several public transit options as well as the Schuylkill River Trail, a popular and safe 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, known for its woodland and waterfront, is a charming hillside enclave, but also touts vibrant, urban features, such as trendy new restaurants and bars, locally owned coffee shops and manicured parks.