In recent years, the extension of Center Citys strong real estate
market into South Philadelphia has made new market-rate
and rental housing a focus of both private developers and community
development corporations. The Port of Philadelphia is the newest Enterprise Zone. Growth in the market has led to significant private investment and rehabilitation on residential blocks.
The Reserve at Packer Park
The 24-acre site was purchased by the Westrum Development Company in
2002 from the Philadelphia Industrial Development Corp. (PIDC) and has produced 230 market-rate new construction homeownership
units. Click here for more details.
This 20-acre site in Grays Ferry was purchased by Toll Brothers in 1987
and has produced 800 market-rate homeownership units. The restoration
of Biddle Hall is part of the agreement with the City. Click here for more details.
South Philadelphia Plan
The City, working with Universal Community Homes, Fannie Mae and others,
is in the process ofl developing 400 units of affordable and market-rate housing. This area includes the ongoing
$74-million Martin Luther King Plaza with 247 new townhouse-style units
of public housing.
Ruggerio Development Group is building 50 luxury town-homes in Queen
Village at Christian and Swanson Streets.
Greater St. Matthew CDC
Plans to revitalize the neighborhood near 23rd and Fitzwater Streets
through the acquisition and rehabilitation or new construction of affordable
and market-rate homeownership units. Addiotional funding support is expected from the M. Night Shyamalan Foundation.
Greater Grays Ferry Estates
Formerly Tasker Homes, this $165-million investment in new townhouse-style
public housing will have more than 400 units of rental housing, 125
homeownership units and a residential center for senior citizens.
The City committed $3 million to support acquisition and development of 94 homeownership units, affordable and market-rate, in the Jefferson Square area.