PHILADELPHIA | 2012 Chestnut Street | 171 FT | 14 FLOORS

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After decade of delay, Philadelphia Housing Authority will bring affordable housing to Center City

Almost 20 years after the Philadelphia Housing Authority (PHA) moved out of its Center City headquarters, a long-promised mixed-income tower will finally begin construction early next year.

The 14-story building is being built by Philadelphia developer Alterra Property Group, which may also manage the site after it opens. PHA will hold a 99-year ground lease on the property at 2012 Chestnut St., which will be its only affordable building in Center City.

“It’s a multifamily, mixed-use, mixed-income building in a high opportunity neighborhood,” said Kelvin Jeremiah, president and CEO of PHA.

It “would afford residents a huge opportunity to live in an area that has access to transportation, employment opportunities, and a whole host of amenities literally right outside of their building entrance,” he said.

The tower will have 121 apartments, 40% of which will be rented at market rate with the rest targeted at tenants below 80% of area median income (or almost $83,000 for a three-person household). It will have 28 studios, 63 one-bedroom, and 30 two-bedroom units.

It also will have 2,000 square feet of commercial space, parking available off-site, and amenities that include a roof deck. The project was designed by JKRP Architects.

“I’m looking to break ground in Q1 of next year,” said Mark Cartella, Alterra’s senior vice president of development and construction. “It’s been a long time coming, so we’re excited to finally be going vertical here.”

Still the same rendering from JKrap.