Work has begun on Paseo Verde, a multimillion-dollar mixed-use/mixed-income green development in a distressed neighborhood in North Philadelphia, next to the Temple University Regional Rail Station.
Developed by Asociacion de Puertorriquenos en Marcha (APM) and Jonathan Rose Companies, the $47.2 million project is partially financed by the Federal Home Loan Bank of San Francisco (FHLBank—San Francisco), which contributed a $520,423 grant via the Affordable Housing Program (AHP) that supports the development, rehabilitation or purchase of very low- to moderate-income housing. Further financing came from the city of Philadelphia— which provided $5.5 million—and from private investors and contributors.
According to Lawrence H. Parks, senior vice President of legislative and external affairs at FHLBank—San Francisco, Paseo Verde was designed to transform the vacant lot at the corner of 9th and Berks streets into a sustainable development of housing and commercial space, as well as create a foundation for the growing community. The development will include 120 housing units (both market-price and affordable), out of which 17 have been designed for disabled residents. The project is scheduled to be completed in April 2013.
Designed by Wallace Roberts & Todd Architects (WRT), Paseo Verde’s eco-friendly features will include blue roofs for storm water storage, green roofs with grass and trees, water gardens, photovoltaic solar panels and the use of recyclable and renewable materials. Despite the tight budget, all these green amenities will support the development in seeking both LEED for Homes and LEED for Neighborhood Development certifications.
Rendering courtesy of WRT website