Pennrose JV Kicks Off Philadelphia Senior Project

The 51-unit property will be fully affordable.

800 Vine Senior groundbreaking. Image courtesy of Pennrose

Co-developers Pennrose and Philadelphia Chinatown Development Corp., along with other partners, have broken ground on 800 Vine Senior, a 51-unit fully affordable and age-restricted community in Philadelphia’s Chinatown. The project is scheduled to wrap up in the summer of 2024.

Upon completion, the community will cater to seniors earning between 20 and 60 percent of the area median income. The property is being designed by WRT Design to meet Enterprise Green Communities standards and to achieve Energy Star Certification.

The five-story building will incorporate studios, one- and two-bedroom apartments, with five units reserved for residents with hearing/vision impairments or physical disabilities. Common-area amenities at 800 Vine Senior will include a fitness center, a community room, an outdoor courtyard, laundry facilities, on-site property management and parking spaces. The community will also offer supportive services such as assistance with language translation.

Financing partners and sources for the senior housing development include:

  • 9 percent Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency
  • tax credit equity from investor
  • RACP funds from the Commonwealth of Pennsylvania
  • a subordinate loan and permanent debt from PHFA

Chinatown urban renewal

The 800 Vine Senior development is part of the Center City Redevelopment Area. Larger plans in the Chinatown area call for urban renewal and the development of affordable housing.

Construction will start with the conversion of the surface parking lot at Ninth and Vine streets. The parcel was previously owned by the Philadelphia Redevelopment Authority, which initially proposed a larger development including an office complex, a 150-key hotel, public green spaces and market-rate properties. During the pandemic, the plans were abandoned in favor of creating the affordable and senior housing property.

The site is located in an Opportunity Zone, in the East Central City submarket. The transit-oriented development is right off Interstate 676 and close to Interstate 95, which provide easy access across the metropolitan area.

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