Title: 2012 Chestnut Street
Project: apartments, retail
Architect: JKRP Architects
Developer: Alterra Property Group
Location: 2012 Chestnut St. Philadelphia, PA
Neighborhood: Rittenhouse Square
District: Center City
Floors: 14 floors
Height: 161 feet
Quote:
The Philadelphia Housing Authority is expected to endorse a plan Thursday to replace its long-vacant former headquarters building near Rittenhouse Square with an apartment tower offering some subsidized units for low-income renters.
The PHA Board of Commissioners will take a final vote on a deal granting a 99-year ground lease for the 2012 Chestnut St. headquarters site and an adjacent parking lot to the Philadelphia-based developer Alterra Property Group.
The deal would require Alterra, which is partnering on the project with Rheal Capital Management LLC of New York, to rent 40 of the project’s 200 or so apartments to low-income residents, the agency said in a statement.
A tower of about 20 stories would displace the rare remaining instance of blight in the Rittenhouse Square area, which has seen some of the city's highest rents and most robust commercial activity.
Work on the new tower, which also is to include 7,000 square feet of ground-floor commercial space, should begin within two years, after permits and zoning adjustments are secured, Addimando said.
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