[summersm343]

Plans For Vacant PHA HQ on Chestnut Street

Almost three years ago, we told you that the Philadelphia Housing Authority was looking for a partner to develop their former headquarters on Chestnut Street. PHA moved out of the building at 2012 Chestnut St. a little less than a decade ago and it has been sitting empty ever since, an increasingly inconsistent vacancy as significant projects have flourished nearby. But that inconsistency should soon resolve, as Philly.com reported today that PHA has selected Alterra Property Group as a development partner for this address.

As we predicted, the redevelopment of this property will entail the demolition of the building we see today. Alterra plans on building a 20-story building in its place with about 200 apartments and a large retail space on the first floor. PHA will maintain ownership of the land, which will include the parking lot next door, giving Alterra a 99 year lease. As part of the development agreement, Alterra will lease 40 of the building's units as affordable, with maximum tenant income at 60% of the area median income. That works out to be about $31K for a couple. People participating in this program will see 30% of their monthly income go toward rent, with PHA subsidizing the rest. It should be mentioned that the affordable units will be scattered around the building and residents won't be able to know which ones are offered at market rate and which ones are affordable.

http://www.ocfrealty.com/naked-phill...hestnut-street