Shopping Complex and Mixed-Income Units
A new shopping complex and 98 mixed-income units of rental housing along the 2000-2200 block of Ridge Avenue in North Philadelphia will be funded by a New Markets Tax Credit Transaction of $16.5 million. Governor Tom Wolf recently made the announcement Commonwealth Cornerstone Group has completed the transaction.
Shopping Complex has Four Major Tenants Lined Up
The commercial shopping complex, which is 231,000-square-foot, already has four major tenants lined up. They will begin business when construction is complete. In addition, the businesses will include Grocery Outlet Market. There will also be an Everest Urgent Care/Adult Daycare center. In addition, a Santander Bank branch office and Wingstop restaurant. Moreover, some square footage remains for lease by other retailers.
Three Apartments are Part of a Mixed-Use Center
Therefore, three apartment buildings to be built. It will be part of the mixed-use center offering mixed-income housing. These include 17 units at 60 percent of area median income. Also, there will be additional 13 units at 80 percent of the area median income.
A Variety of Commercial and Residential Tenants
Moreover, the mix of commercial and residential tenants, paired with the improved streetscape, is part of a revitalization effort led by the Philadelphia Housing Authority to reinvigorate the Sharswood neighborhood in North Philadelphia that has seen years of disinvestment.
New Development Revitalizes the Sharswood-Blumberg Area
“This new development can help revitalize the Sharswood-Blumberg area of north Philadelphia,” said Governor Wolf. “The investment of New Markets Tax Credits in this mixed-use development is a good first step to bring positive change.”
Mosaic Development Partners and Shift Capital
Mosaic Development Partners and Shift Capital, two local community impact developers, led the effort along with the Philadelphia Housing Authority. In addition, they have involvement in development. Identifying as a community anchor in the Sharswood/Blumberg Neighborhood Transformation Plan. According to the plan, the economic revitalization of the Ridge Avenue corridor will provide basic amenities like a grocery store. In addition, a health care clinic to improve the quality of life there. Moreover, that part of North Philadelphia is a food desert. In addition, there is a medically underserved area.