Key senior housing development breaks ground on regen site
LONDON: A key seniors housing project is set to break ground on a city regeneration site.
An underutilized parking lot is being transformed into affordable senior housing in Philadelphia’s Chinatown neighborhood.
Under development by Pennrose and the Philadelphia Chinatown Development Corp. (PCDC), 800 Vine Senior will be a five-story building with 51 studio, one-, and two-bedroom apartments. The homes will be adaptable and visitable, with 10% designed for residents with physical disabilities and hearing and vision impairments.
“We are proud to be here today alongside project partners to celebrate the exciting first step in bringing new, high-quality affordable housing to Chinatown’s seniors,” said Jacob Fisher, regional vice president at Pennrose. “After years of planning and collaboration, we look forward to replacing a vacant lot with much-needed housing, supportive services, and resources to benefit the entire neighborhood.”
All units will be available for seniors, with six units available at or below 20% of the area median income (AMI), 20 units available at or below 50% of the AMI, and 25 units available at or below 60% of the AMI.
As part of a much larger community and economic master plan to revitalize Chinatown, 800 Vine Senior will help activate the neighborhood and provide local seniors with more affordable housing options. The parcel was owned by the Philadelphia Redevelopment Authority.
“This new residential project returns 9th Street to the city grid as a walkable corridor while embracing the cultural identity of Chinatown,” said PCDC executive director John Chin. “We are excited that we will improve the lives for rent-burdened seniors.”
Residents also will have access to a host of on-site amenities, including a large community room, an outdoor courtyard, common laundry on each floor, and on-site property management. Tailored on-site supportive services will be offered to help improve residents’ quality of life, including a dedicated supportive services coordinator to plan intergenerational events and programming for residents and the surrounding neighborhood.
Financing for the $22.8 million development includes low-income housing tax credit equity from investor Wells Fargo. The credits were awarded by the Pennsylvania Housing Finance Agency (PHFA). The project also utilizes Redevelopment Assistance Capital Program funds from the commonwealth of Pennsylvania and a subordinate loan and permanent debt from PHFA.
“We are thrilled to be part of a project of this caliber in the Chinatown neighborhood,” said Brandon Weber, community lending and investment director at Wells Fargo. “At Wells Fargo, collaborating with communities to create positive change is at the core of what we do, and we look forward to seeing how this development will support the senior residents, their families, and neighbors.”
