The last few years have brought major changes to 4328-44 Ridge Ave., a property that we first told you about almost exactly three years ago. At the time, the property was listed for sale for $1.5M and we were hopeful that a developer would buy the 42K sqft lot and build something “big, dense, and residential.” At the very least, we were hoping that whoever bought the property would change up the looks of the buildings on the site, as they resembled ugly ski lodges.
About a year ago, we told you that Overbrook Real Estate Investors had purchased the property and would indeed be converting it to a residential use in a project called Falls Bridge Lofts. The plan called for the renovation and reuse of the existing buildings on the site and the construction of a new five-story connnecting building with frontage on Ridge Avenue. When we reported on the property last year, construction was just getting underway. But when we passed by the other day, we noticed that the project is seemingly finished. And it looks pretty good.
As we told you before, the project includes 46 units with 20 different layouts, with a mix of studios, one bedrooms, and two bedroom units. The units look to be pretty well done, with the expected washer/dryer, stainless steel appliances, granite countertops, and so forth. Prices range from $1,300/mo for a studio, to $2,300/mo for a 2 bedroom units. The building includes 1:1 parking and several amenities, like a fitness center, a community living room and kitchen, and a dog washing area. According to the project website, the amenity area has great views of Fairmount Park, and according to us, the building has great access to the Schuylkill River, retail in East Falls, and the highway.
This project is a great improvement over what was here before, and could serve as a template for other development near the waterfront. The same could be said, of course, about the long planned and yet unbuilt Ridge Flats project planned next door. That project went through CDR over a year ago, and now, perhaps, with the completion of the Falls Bridge Lofts, we’ll soon see new construction next door. Or maybe we’ll continue to wait. We can be patient, you know.