PMC No Longer Wants Affordable Housing In One Water Street Multifamily Development
Though it's all but ready for move-in, PMC Property's luxury One Water Street high-rise will sit unoccupied until a conflict over affordable housing is resolved.
PMC was given 48 feet of height above the normally allowed zoning restrictions for the 16-story property, due to its plans to offer 25 of its 250 units as below-market-rate housing. But, ahead of its opening, PMC is seeking to get out of the deal, according to the Philadelphia Inquirer.
However, until it meets another zoning variance to compensate for the extra feet that are already built, the Department of Leasing and Inspections will force the building to remain empty.
Potential workarounds would include adding other amenities, such as ground-floor retail or public art space. PMC executives declined to comment on why they no longer wanted to include affordable housing in their building. [Inquirer]
