Texas Developer Building 285 Luxury Rental Units in East Falls
Winther - a private developer from Houston, Texas - is building a $50 million, eight-building apartment complex on the grounds of a former mill in East Falls (see story). The community will be called Dobson Mills Apartments and will encompass 306,000 square feet; 7,000 square feet of street-level retail will be provided on Ridge Avenue. Winther focuses on developing luxury rental properties in high-density, urban “infill” locations. The company’s vice president – James Tollett III - believes the luxury rental market is underserved in Philadelphia and that people are seeking out new construction. The average apartment at Dobson Mills will be 1,000 square feet and monthly rents will average $1,800. "We're looking for people who like a Center City lifestyle and can put their feet on the grass every day and be five minutes from the business district," said Tollett. This new development will be proximate to downtown East Falls’ burgeoning restaurant and commercial district.
1 comment:
This strikes me, on the face of it, as a project that makes more sense than some. First of all, there has to be some rental balance to the Philly market. You cannot just have condo after condo go up, and apt building after apt building be converted. Some people do not want to, or cannot spend at least 250 to 300k on a Condo, but can rent at 1,500 to 2,000 a month.
But, also, it makes more sense in that E. Falls is an area that I think has been somewhat undervalued, at least in the non-Rendell/Arlen parts. it is an area that has a lot going for it- from easy access to transportation and downtown, to natural ameneties, like the River. Plus, Midvale Ave always strikes me as a Street waiting to bust out, which is happening now in fits and starts.
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