The Jonathan Rose Cos. of New York and Asociacíon
Puertorriqueños en Marcha, a Philadelphia community organization, have
completed a $48 million mixed-use project adjacent to the Temple University
transit center called Paseo Verde.
The development is unique and could serve as a model for
future projects, whether urban or suburban. It is transit-oriented, sustainable
— receiving LEED Platinum— and community-oriented with housing and a technology
center as well as retail space. The project is also helping to revitalize this
part of North Philadelphia.
Paseo Verde was constructed on a vacant lot that was nearly
the size of a city block and is bounded by 9th, Norris and Berks streets. The
five-story building totals 200,000 square feet and has 120 affordable and
market-rate apartments as well as 30,000 square feet of retail space that
houses a community technology center. Wallace Roberts & Todd was the
architect.
Jonathan Rose focuses its development work on green urban
projects. APM Inc. is a nonprofit that concentrates on helping the Latino
community in Philadelphia and providing it with a range of services including
housing and economic development projects.
JPMorgan Chase arranged $41 million in a variety of ways
including loans, low-income housing tax credits and New Market tax credits. It
also received other local funding.
Source: Philadelphia
Business Journal
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