Former Philadelphia Housing HQ To Fulfill Its Destiny, Convert To Apartments
The Philadelphia Housing Authority's HQ at 2012 Chestnut St will be converted into an apartment building, allowing the PHA to fulfill its mission on its own soil.
Alterra Property Group has signed a 99-year ground lease with the PHA to develop the four-story, 18k SF property into a 200-unit building, 20% of which is slated to be affordable housing. The plans also include 7k SF on the first floor for retail, according to the Philadelphia Business Journal.
The PHA will be providing support for the affordable housing units, to be meant for families of two with income no more than $30,840 per year or families of four with income no more than $38,550 per year.
The housing organization will move its HQ to a new, 119k SF building on Ridge Avenue in the Sharswood neighborhood. [PBJ]
