Posted Feb 14, 2024, 9:31 PM
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Join Date: Oct 2011
Location: Philadelphia
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Demolition moves ahead for PHA’s former headquarters on Chestnut Street
Quote:
Plans to demolish the former Philadelphia Housing Authority headquarters at 2012 Chestnut St. to make way for a mixed-income 14-story apartment tower are moving forward, potentially bringing new life to a long blighted lot.
The demolition proposal is the first movement on the crumbling property in two years and follows a series of thwarted redevelopment attempts since the housing authority left its four-story office space 16 years ago.
PHA has been working with the Alterra Property Group on the development since 2016, but the latest blueprint for the apartment building will have substantially fewer units, but a greater volume of affordable housing than originally proposed.
The project will now rent 40% of its 121 units at market-rate prices, and 60% to households making below 80% of the area median income — which is about $89,000 annually for a family of four. The original proposal for a 200-unit building had those proportions reversed.
Under the new plan, the housing authority will also retain control of the property. Originally, Alterra would have received a 99-year ground lease, but now they are just developing the project.
While demolition is scheduled for this spring, the construction timeline is less concrete. Leo Addimando, managing partner of Alterra, said that while he hoped to break ground in a year, financing an affordable housing project of this size could bring unseen delays.
“It’s hard enough to finance market-rate deals right now, then once you throw in affordability it’s incredibly tricky,” he said.
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Read/view more here:
https://www.inquirer.com/news/pha-he...-20240209.html
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