A newly formed development team plans a 36-unit apartment building with about 3,000 square feet of ground-floor retail space at a long-vacant lot near Seventh Street and Girard Avenue in the city’s Ludlow section.
R&M Development anticipates spending about $10 million, including the $1.55 million paid for the 8,800-square-foot 629-33 W. Girard Ave. site, to build the six-story project, principal Rickey Biddle said.
The group aims to begin construction this spring, with completion scheduled by the end of 2021.
Biddle and partner Michael Tester had more loosely collaborated on the construction of about 25 rowhouse and apartment projects in the Francisville, South Kensington, and Temple University areas before launching the R&M venture, Biddle said.
Diligence Capital Advisors of Haddonfield arranged acquisition and construction financing for the project from TriState Capital Bank.