Philadelphia developer Riverwards Group is advancing two residential projects near the Delaware River. Together, the developments will deliver 325 new units.

The firm plans 155 units at 2507 Almond Street. Additionally, 170 units are planned at 2230 E. Somerset Street as part of Somerset Station.

Currently, Riverwards is finalizing financing for both projects. The deals could close as early as May.

Once financing is secured, construction will begin in the third quarter of 2026. The projects will require approximately 18 months to complete.

As a result, delivery is expected in early 2028. Each development is projected to cost approximately $45 million.

Both buildings will include structured parking garages. Meanwhile, a third phase of Somerset Station could begin six to nine months later.

Recently, Riverwards completed major property sales. The firm sold the first phase of Somerset Station for $58.1 million.

Additionally, the firm sold the second phase of Avenue V for $49.1 million. These transactions allowed Riverwards to pay off $74 million in loans.

Now, the developer is shifting focus toward new projects. The firm continues targeting areas like Fishtown and Port Richmond.

Importantly, Riverwards prioritizes pricing-driven development strategies. By acquiring lower-cost land, the firm can offer more affordable rents.

This approach allows Riverwards to serve tenants earning near the area median income (AMI).