As residential development has marched north in Philadelphia to Northern Liberties and Fishtown, the lack of prime development sites has meant those still available are getting expensive and has sent developers looking for deals in abutting neighborhoods such as South Kensington and opened more opportunities for them.
The Riverwards Group, a Philadelphia-based real estate company that has done work in Fishtown, Northern Liberties and Port Richmond, is the latest to seize on the widening of the traditional boundaries for development.
The firm is planning its biggest project to date at 1620-50 N. 5th St. It paid $4 million for the 56,000-square-foot parcel at the corner of 5th and Cecil B. Moore.
The developer wants to construct a $21 million residential complex that will total 147,000 square feet. It will have 57 residential units – a mix of 41 townhouses and 16 multifamily units. There will be 6,000 square feet of retail space as well.
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