"We're really excited about this project. East Falls is a great neighborhood, with great access to downtown or to the suburbs, and to recreation. It's a great new place for people to live."
—Jacob Fisher, Pennrose senior developer
A proposal for a 96-unit residential building on a vacant parcel at the north end of the Falls Ridge tract in East Falls has been accepted by the Philadelphia Housing Authority.
The Pennrose Development company will lease the PHA site and build the four-story rental community, says Jacob Fisher, senior developer at Pennrose.
PHA had sought proposals for the 2.2-acre site beginning last February with the intention of retaining ownership of the land and entering into a long-term lease with a developer.
"PHA will be ground leasing the site to Pennrose or an affiliated entity for not less than 55 years," Fisher said. "PHA continues to own the grounds, and Pennrose will own all the improvements and property management services."
Pennrose still needs to complete the terms of transfer and go through the design process, which will include meetings with the community, Fisher said. "We would love to be under construction in 2016."
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