PlanPhilly

96-unit apartment building coming to Falls Ridge site

"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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About the author

Alan Jaffe, Contributor

Alan Jaffe has been a contributing writer for PlanPhilly since 2008, focusing on overlooked buidlings and historic preservation issues. He was a writer and editor in the newspaper industry for nearly 30 years, including eight at the Philadelphia Inquirer and nine at the South Jersey Courier-Post. He is currently the director of communications for the Pennsylvania Horticultural Society. He is also an antiques writer and collector and the author of “J. Chein & Co.: A Collector’s Guide to an American Toymaker.”

ajaffe@planphilly.com



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