The six-story building will be built on a 1.7-acre plot and offer 206 apartments and a parking garage with 194 parking spaces and bike parking spots.
It's a big project for East Falls, a hilly neighborhood known for its cozy row homes near Fairmount Park.
Included in the project is 20,188 square feet of round floor retail space, a corner café and a living green wall along the Kelly Drive side, which will incorporate a living art installation as part of the Percent for Art Program.
Building amenities will comprise of hotel-level furnishings included in 20 percent of the apartments, as well as a terraced rooftop on the second floor, complete with pool.
The project will transform this section of the Schuylkill River banks, which currently features mostly parking lots and warehouses that have sat unused for years.
The developers, Onion Flats and Grasso Holdings, plan to begin construction this year
Designed by New York-based Morris Adjmi Architects, the project will seek Energy Star certification for low energy usage and sustainability, with rain gardens and solar panels.
Ridge Flats has been in the works since 2011 when the proposal, then originally just by local architects Onion Flats, was given the go ahead by authorities.