PHILADELPHIA | 2012 Chestnut Street | 161 FT | 14 FLOORS

[summersm343]

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

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.

http://www.philly.com/philly/busines...dquarters.html

[SEFTA]

Center Stage.
Skyline is shaping up fabulous


shown with, my hopefuls, 2100 Market and 1911 Walnut Street with 1601 Vine in the background

[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

[hammersklavier]

Originally Posted by SEFTA

Center Stage.
Skyline is shaping up fabulous


shown with, my hopefuls, 2100 Market and 1911 Walnut Street with 1601 Vine in the background

No love for 1910 Chestnut (probably the closest to groundbreaking)?

[summersm343]

Alterra Property to convert former PHA headquarters

Alterra Property Group will redevelop the Philadelphia Housing Authority’s former headquarters into an apartment complex.

The developer has entered into a 99-year ground lease with PHA on the building at 2012 Chestnut St.

Plans call for the space to be converted into 200 units of which 160 will be market rate. Another 40 apartments will be PHA-supported apartments for lower-middle-income individuals or families.

Alterra’s plans also involve turning 7,000 square feet into commercial space on the first floor.

“We know that the Chestnut Street property is attractive and have received numerous inquiries about it,” said Kelvin A. Jeremiah, PHA president and CEO, in a statement. “It’s in our interest and the city’s interest to redevelop this site to maintain a vibrant, healthy atmosphere in Center City. Including affordable apartments was a critical component of this deal for us as well.”

http://www.bizjournals.com/philadelp...stnut-pha.html

[Jawnadelphia]

Current site pictured - hope this gets developed:

[IMG]Untitled

[IMG]Untitled

[jsbrook]

I hope someone does something with the parcel next to it soon too. That parcel is SCREAMING for retail redevelopment! Happy Thanksgiving, all!

[SEFTA]

delete

[SEFTA]

Anything happening here besides a building rehab?


Shown here amidst other local developments highlighted

[Philly-Drew]

Awesome job SEFTA. You may want to post those in the highrise development thread.

Nice work!

[christof]

This is a shorty.

[jsbrook]

Originally Posted by SEFTA

Anything happening here besides a building rehab?

No building rehab as I understand it. PHA building will be demolished. In its stead, a 20 story apartment tower will rise that extends over to the parking lot and abuts the vacant lowrise. I don't think that lowrise, 2020 Chestnut, is part of this project, but I hope someone develops it. It has the permit to sell alcoholic beverages on its window, but that was placed a number of years ago, and that plan must have fallen through.

[Schuylkill Ranger]

Looks like they are dropping a 1960's PHA high rise housing project into the middle of an area that " has seen some of the city's highest rents and most robust commercial activity". Only in Philly.

[SEFTA]

It looks like they are not sure what they want or are financially capable of doing

[jsbrook]

Originally Posted by Schuylkill Ranger

Looks like they are dropping a 1960's PHA high rise housing project into the middle of an area that " has seen some of the city's highest rents and most robust commercial activity". Only in Philly.

I don't know why you think it will be a bad project. There's been little detail released, but they are partnered which Alterra Property Group. Alterra is a legitimate outfit and has done some good work:

http://alterraproperty.com/

It is currently in the process of doing a very impressive gut renovation to the Versaille at 16th and Locust.

[SEFTA]

Originally Posted by jsbrook

I don't know why you think it will be a bad project.

I think that comes from the crayon drawing at the beginning of the thread, and the massive blank wallls

[jsbrook]

Originally Posted by SEFTA

I think that comes from the crayon drawing at the beginning of the thread, and the massive blank wallls

Just one blank wall is shown. The other side is depicted with a cutout. It abuts a lowrise, so there would probably windows on the left side of the building above the first three floors. Also, a "conceptual drawing"...

[City Wide]

Originally Posted by jsbrook

No building rehab as I understand it. PHA building will be demolished. In its stead, a 20 story apartment tower will rise that extends over to the parking lot and abuts the vacant lowrise. I don't think that lowrise, 2020 Chestnut, is part of this project, but I hope someone develops it. It has the permit to sell alcoholic beverages on its window, but that was placed a number of years ago, and that plan must have fallen through.

I wish the tower could be built to replace 2020 Chestnut and the parking lot and just rehab the existing building. It's a nice handsome building.

[summersm343]

Anticipated 2018 start for this according to the Center City District report:
http://centercityphila.org/uploads/a...2017-final.pdf

[summersm343]

5/28/17

Demolition permit up