MMB Contractors, a longtime Philadelphia general contractor, is starting its first major project with an 84-unit development in Rittenhouse Square, writes Ryan Mulligan for the Philadelphia Business Journal.
Targeting an underserved segment in the neighborhood, the 12-story building will offer small studios with a variety of one-bedroom units. Dubbed The Ranstead, the project is currently under construction and slated for completion in spring 2026. Standard studios are expected to rent for $1,650, with one-bedroom units priced near the Rittenhouse average of $2,382.
Since its founding in 1999, MMB Contractors has worked on Philadelphia projects in the office, retail, medical, fitness, and dining sectors. Over the past six years, the company acquired and consolidated several parcels on Ludlow Street and broke ground on its first full development project in June 2024.
“It was kind of an underutilized street, but you’re right in Rittenhouse,” said Joe Kelley, vice president at MMB Contractors. “We saw an opportunity with the properties being for sale — kind of dilapidated commercial spaces and a vacant lot — that it would be a prime location for multifamily and really improve that corridor.”
Read more about MMB Contractors and its litany of projects prior to this major one in Rittenhouse in the Philadelphia Business Journal.
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