Despite a decline in ground-up multifamily development in Philadelphia, TierView Development is moving forward with a middle-income apartment building in Mt. Airy, writes Paul Schwedelson for the Philadelphia Business Journal.
According to TierView Principal Jenn Patrino, the four-story, 81-unit building at 6903 and 6915 Germantown Avenue will cost around $20 million, including the $2.5 million the firm has already paid to purchase the property.
“My entire business plan and what I build at TierView is middle-market housing,” said Patrino. “Kind of like average Joe housing.”
The project has already been greenlit and does not require additional zoning changes. Philadelphia-based TierView aims to secure building permits by the end of 2024, with construction set to begin shortly thereafter. The development will rise on the northeast corner of Germantown Avenue and East Gorgas Lane.
With about 1,000 units either built, in progress, or planned throughout the city, TierView has concentrated much of its work on serving the middle-income market.
“That’s part of our entire mission and ethos,” said Patrino. “That’s who we are, trying to bring middle-market housing to core locations within Philadelphia.”
The latest project also sets aside seven affordable units for households earning up to 60 percent of the area’s median income.
Read more about the planned Mt. Airy apartment building in the Philadelphia Business Journal.
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