(To read more on the multifamily market, click here.)
PHILADELPHIA-Philadelphia Housing Authority and two private partners plan a combined investment of $238 million to construct an aggregate of 735 housing units and two office buildings on six area sites. PHA is constructing a total of 332 affordable residences, plus new PHA office space at an aggregate cost of $117 million.
In addition, it has sold land adjacent to two of its planned projects to the Blue Bell-based DePaul Group and Fort Washington-based Westrum Development Co. for construction of an aggregate of 403 market-rate residential units. Carl Greene, PHA executive director, says the combined DePaul/Westrum investment is $121 million.
As GlobeSt.com reported in October, Westrum has already begun construction of the 128-unit Hilltop at Falls Ridge complex in the East Falls neighborhood. PHA is adding 28 for-sale affordable units at that location alongside the 135 rental units it already operates.
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