Groundbreaking for Building America’s Paseo Verde Project in North Philadelphia
April 20, 2012
Philadelphia Mayor Michael A. Nutter led a ceremonial groundbreaking April 10 to celebrate the start of construction of the $48 million Paseo Verde project in the city’s Ludlow community. Building America CDE, a subsidiary of the AFL-CIO Housing Investment Trust (HIT), has allocated $5 million in New Markets Tax Credits for the transit-oriented, mixed-use development designed to revitalize this North Philadelphia neighborhood. The project is being built 100% union, creating over 300 jobs for members of Philadelphia’s building and construction trades unions.
“It’s wonderful to see construction work finally underway here at the site,” said Eric W. Price, CEO of Building America CDE and Executive Vice President of the HIT, who attended the groundbreaking. “We are very pleased to be part of this important project that will bring quality affordable housing, community services, economic development, and jobs to this historic neighborhood.” Paseo Verde’s location next to one of the city’s busiest rail stations, he added, makes it “a model of transit-oriented development.”
The project is situated on a 1.9-acre brownfield site adjacent to the Temple University Train Station, part of the Septa Regional Rail corridor. The new development will consist of 120 units of sustainable affordable housing and approximately 30,000 square feet of retail and community services, commercial space, and parking. It will also bring a primary healthcare facility and other medical services to this medically underserved area. The project features many environmentally sensitive building techniques and is seeking Gold certification under the LEED Neighborhood Development and LEED for Homes programs.