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.