There was a time when the Ladder District was so tagged because of the clear-cut perpendicular arrangement of its streets. Now, it seems, we refer to it as the Ladder District because expansion and development in the neighborhood is completely vertical — from the towering hotels and swank lounges and sports clubs popping up at upper elevations to the luxury-condo units that are about to be erected. And the Chinatown end is moving on up, too. The neighborhood’s newest tenant is a second-story restaurant rimmed with expansive windows, offering a voyeuristic sweep of the city’s most breathtaking neighborhoods.

If the thought of a new eatery close to an upwardly mobile neighborhood inspires thoughts of sky-high prices, you’ll be as lightheaded as we were to learn the full name of this spot, which opened in February: House of Pho $2.99 Restaurant. Yes, just when you thought gentrification had dug its claws into every last urban alcove, Chinatown comes to your budget’s rescue. Climb the stairs to the House and make yourself at home amid the walnut paneling and cozy Christmas lights festooning the giant room, where a giant-screen TV tucked in a corner often broadcasts obscure foreign films. Then take your pick among giant bowls of noodle soups ($2.99), vermicelli plates with barbecued beef, pork, or shrimp ($2.99), or rice dishes heaped with chicken and veggies ($2.99; see, we weren’t kidding!). Everything is speedily delivered and served piping hot. Just make sure that if you go with friends, you tell the waiters that you’d like to eat together — as in, all at the same time.

One of the most notable perks here is that the modest price tag takes the financial risk out of trying new things. Ever wonder what mung bean is all about? Try a mung-bean shake ($2.50), an icy delight that’s best enjoyed as dessert and is sure to leave you full enough to bring home leftovers. We mean that in terms of tomorrow’s lunch and coins in your pocket. And as they say: change is good.

House of Pho $2.99 Restaurant, located at 3 Beach Street, in Boston, serves food Sunday through Thursday, from 10 a.m. to 9 p.m., and on Friday and Saturday, until 10 p.m. Call (617) 338-0005.