535 Multifamily Units Near Delivery In Port Richmond Rail Lot While Others Stall
The Conrail train tracks in Port Richmond appear far less sparse as 535 housing units are beginning to take shape nearby, according to Naked Philly, an OCF Realty blog.
There are four slated developments, two of which are underway, according to a recent site visit by the blog team. Those planned projects total 1,001 units across four blocks north of the rail tracks in Port Richmond. More than half of those units could be ready to open soon, OCF reported.
The Riverwards Group is leading the redevelopment of the area with two housing projects that kicked off last year totaling 766 units.
The firm’s Somerset Station project at 2200 E. Somerset St. has been fully framed, according to an Instagram video from the company. It is building 535 units across three buildings and seven triplexes. Some triplexes and one building are nearing completion, according to the OCF visit.
Riverwards didn't disclose an opening date for the project, which Bisnow reported last year was boosted with sustainability funding from the Commercial Property Assessed Clean Energy program.
The group is also developing a 231-unit project at 2750R Aramingo Ave. The area has been cleared for construction since Naked Philly visited a year ago. However, Riverwards' plans for the site have been caught up in a legal dispute with Conrail, The Philadelphia Inquirer reported in August. The property is still owned by Conrail, according to the city’s website.
The Riverwards Group didn't respond to requests for comment before publication.
Two other residential projects have been announced in the area, but those sites are sitting still.
A company called Somerset LLC received permits to build at 2201 E. Somerset St. two years ago, despite community pushback, WHYY reported at the time. Those plans included adding 23 single-family homes, 66 duplex units and 60 apartment units. However, no progress has been made on the barren site, according to OCF.
In addition, PBSDS Holdings LLC was approved in 2021 to add 82 housing units. OCF visited the site last year and reported a poured basement and one elevator tower. There has been no more development since then. That site is now listed for sale at $3.8M as is.
The broker with the listing is Matthews’ Brandon Ribeiro, who listed the parcel about 60 days ago on behalf of the seller, he told Bisnow on Monday.
Ribeiro said the Rush Street parcel’s development is “on pause.” The half-poured foundation and its land will be sold as a “shovel-ready, turnkey development site,” he said.
The parcel is roughly half an acre and was originally slated for a 20K SF apartment project, he said. The most recent commercial permits for the site issued by the city in 2021 called for 72 units, and those permits expired in September. The plans also advertised 10 artist lofts.
Riberio said other parts of Port Richmond are also growing. Matthews is listing for sale a portfolio of 247 completed units and development sites along Frankford Avenue, Venango Street and East Atlantic Street.
“This is an area, even up to Harrowgate, where it’s growing and there’s room for high-quality housing for years to come,” he said.
