Chicago-based Ridge Development plans a 207,500-square-foot warehouse and distribution center on a Northeast Philadelphia property that it is buying from the city for $2.18 million.
Ridge broke ground Friday on the project at 3025 Meeting House Rd. in the Byberry East Industrial Park, the developer said in a joint release with the Philadelphia Industrial Development Corp., which has managed the property on the city's behalf.
The project is the first modern, e-commerce-serving distribution hub — or "logistics center" — to be built in the city as a so-called speculative development, without any tenants lined up to use the space, PIDC president John Grady said in the release.
PIDC approved the development site's sale to Ridge, the industrial-property arm of Transwestern Development Co., in May.
The company aims to have the building, to be known as the Philadelphia Logistic Center, available for occupancy by the end of September 2019.