A 3.5-acre vacant property at 5627 Ridge Avenue in Philadelphia’s Roxborough neighborhood will be replaced by a community of 32 twin homes, according to a post on NakedPhilly. While the project proposed by local developer Stephen Goldner has stirred much debate among neighbors who were concerned that the development would be too dense for a suburb, the former Ivy Ridge Assisted Living site has won approval from the City’s Planning Commission.
An older report from Patch.com reveals that other developers have also come up with redevelopment projects for the site of the closed assisted living center, but Stephen Goldner’s project, called Kingsley Court, turned out to be the most documented and interesting.
Reportedly, the property still belongs to Rosalind Lavin—a Villanova socialite who owes the state $700,000 in federal fines—but Goldner has secured a deal to purchase the site. Each of the 32 twin homes will have four bedrooms and 3.5 baths and will be available for sale for around $320,000.
Kingsley Court’s success as a residential development is still uncertain, but the asking sales price is surely above average. According to a Trulia market report quoted by the Philadelphia Inquirer, the average sales price in Roxborough from November 2012 to January 30, 2013 was $246,174. That’s less than half of the asking sales price in Philadelphia’s most expensive neighborhood, Rittenhouse Square, where the average price for the same period was $580,738. The cheapest neighborhoods to invest in are Overbrook, with an average asking sales price of $134,521, followed by Northeast Philadelphia, with $158,267.
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