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Alterra Property to convert former PHA headquarters

Alterra Property Group will redevelop the Philadelphia Housing Authority’s former headquarters into an apartment complex.

The developer has entered into a 99-year ground lease with PHA on the building at 2012 Chestnut St.

Plans call for the space to be converted into 200 units of which 160 will be market rate. Another 40 apartments will be PHA-supported apartments for lower-middle-income individuals or families.

Alterra’s plans also involve turning 7,000 square feet into commercial space on the first floor.

“We know that the Chestnut Street property is attractive and have received numerous inquiries about it,” said Kelvin A. Jeremiah, PHA president and CEO, in a statement. “It’s in our interest and the city’s interest to redevelop this site to maintain a vibrant, healthy atmosphere in Center City. Including affordable apartments was a critical component of this deal for us as well.”

http://www.bizjournals.com/philadelp...stnut-pha.html