Market Insights  /  Port Richmond & Kensington
Development Watch · Port Richmond & Kensington

2202 E Somerset StUnder construction

170-unit residential new construction, zoned ICMX.

Somerset Station Phase IIDeveloperRiverwards GroupArchitectHDO ArchitectureStatusEarly 2028
Rendering of 2202 E Somerset St — D2 Capital Advisors Arranges $35,830,000 in Construction Financing for Somerset Phase II
D2 Capital Advisors Arranges $35,830,000 in Construction Financing for Somerset Phase II
Rendering of 2202 E Somerset St — Port Richmond Apartment Project Lands $36M in Construction Financing
Port Richmond Apartment Project Lands $36M in Construction Financing
Published renderings · via prnewswire.com. Shown for informational purposes; rights belong to the original creator.See the source →

A 170-unit rental building is cleared to build at 2202 E Somerset Street in Port Richmond, part of a six-story mixed-use structure that will include ground-floor commercial shell space and an accessory parking garage. The project, owned by Somerset Street Station LLC since 2021, uses a hybrid construction approach—Type IA concrete for the base and first floor, Type IIIA wood frame above—with horizontal separations creating what the plans describe as two distinct buildings under one roof. An amendment approved in April 2026 removed the originally planned common roof deck and adjusted the layout and exterior openings, though the unit count and overall massing remain intact.

The site sits in an ICMX zone, which permits this density by right and encourages the kind of mixed-income, transit-oriented infill that has been slow to materialize along the Somerset corridor. The commercial shell will require separate fit-out approvals before occupancy, leaving the ground-floor program undefined for now. The building will be fully sprinklered and include standpipes and horizontal exits, standard for a project of this height and occupancy load.

Somerset Street Station joins a modest but steady pipeline of multifamily construction in the immediate area—more than 320 units are planned or delivered within a half-mile, including a 146-unit project at 2001 E Lehigh Avenue and smaller infills along Trenton, Janney, and Coral. The wave isn't a boom, but it's consistent, and this is one of the larger contributions. The ICMX zoning along Somerset and nearby industrial corridors was designed to absorb exactly this kind of project, and the fact that a 170-unit building can move forward without variance or fanfare suggests the framework is working as intended.

The surrounding blocks still hold plenty of underused industrial parcels and vacant lots, many of which carry the same permissive zoning. If Somerset Street Station delivers as planned, it will test whether this stretch of the neighborhood can support the kind of density that has taken root closer to Frankford Avenue and Lehigh. The amendment trimming amenities like the roof deck hints at cost pressures, but the core program remains ambitious for a corridor that has seen more demolition than construction in recent years.

Schematic massing — illustrative of the ~6-story by-right envelope, not the developer's design.
Units
170
Zoning
ICMX
By-right envelope
~6 stories
Last sale
$4.2M · 2021
Cleared to build
Dec 22, 2021
For developers & investors

Underpriced parcels near this project

As this density arrives, InvestPHL is tracking 27 under-built parcels within a half-mile that a developer could still acquire and build — each carrying a builder's max bid. Addresses and figures are members-only.

~223buildable units
████████ Street
ICMX · 0.46 mi away
Max bid to a builder $9.7M · Opportunity Score 99
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~131buildable units
████████ Street
ICMX · 0.45 mi away
Max bid to a builder $5.6M · Opportunity Score 99
Unlock →
~259buildable units
████████ Street
ICMX · 0.37 mi away
Max bid to a builder $11M · Opportunity Score 99
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~233buildable units
████████ Street
CMX2 · 0.17 mi away
Max bid to a builder $10.0M · Opportunity Score 98
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~44buildable units
████████ Street
CMX2.5 · 0.23 mi away
Max bid to a builder $1.9M · Opportunity Score 78
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Unlock the 27 nearby opportunities →
The block

What else is rising nearby

Major (8+ unit) new-construction projects filed within a half-mile since 2022 — the density gathering around this site.

47u2855 Janney St0.13 mi
26u2626 Trenton Ave0.22 mi
146u2001 E Lehigh Ave0.28 mi
41u2654-64 Coral St0.28 mi
44u2721-69 Ruth St0.41 mi
16u2456 Frankford Ave0.49 mi
In the news

What we're hearing about this project

D2 Capital Advisors closed $35.8 million construction financing for Somerset Phase II, a 170-unit development at 2202 E. Somerset Street on October 13, 2026.
The 146,158-square-foot project will feature 76 studios, 38 one-bedroom apartments and 56 two-bedrooms with on-site garage parking, scheduled for 2028 completion.
Construction is expected to wrap up in early 2028 for the $46 million project, with financing from Silver Heights Capital, Nuveen Green Capital and Riverwards Group equity.
The project is grandfathered into the city's 10-year tax abatement that expired in 2022, with Urban Renewal Builders serving as general contractor.
Somerset Station Phase II is part of a multi-phase master plan; Phase I's 220 units were sold to Philadelphia Housing Authority in May 2025 for $58.1 million.
News items are compiled automatically and may be approximate — verify before relying on them.
Progress

How this project is moving

Site work ~34% complete
Estimated from the construction permit sequence — an approximation of stage, not a precise schedule.
Every logged milestone appears here — highlighted ones are the headline stages; the rest track interim construction activity. Checked daily.
Compiled by InvestPHL. Unit counts, scope, and ownership are as recorded and subject to revision; the massing figure is a schematic illustration of the by-right envelope, not the developer's design or a marketing rendering. Verify zoning, status, and title with counsel before acting. InvestPHL does not list, market, or represent any property, buyer, or seller.