Philadelphia, PA (2020)

Sharswood Ridge Mixed-Use (Mosaic Development Partners)

Investment

  • NMTC Amount: $28,500,000
  • Total Project Cost: $35,091,285

IMPACT

  • 43 FTE jobs
  • 85 construction jobs
  • 125,047 sq. ft. of real estate

Investor

Project Description

Sharswood Ridge Mixed-Use Project, which is located in a U.S. HUD CHOICE Neighborhood and an Opportunity Zone, will serve as an anchor on the Ridge Avenue commercial corridor in the Blumberg/Sharswood Section of North Central Philadelphia. Located at 2077 Ridge Avenue in Philadelphia’s 19121 zip code, this 230,000 sq. ft. new construction mixed-use project is planned as four condominium commercial units which will include NMTC and Non-NMTC portions of business. It is hoped that the project will contribute to significant reduction of blight, as part of a comprehensive U.S. HUD CHOICE neighborhood plan, along with the revitalization of an important commercial corridor. While many residential and community facility projects are already under construction or completed, additional planned community development initiatives include additional high quality affordable housing, neighborhood-serving retail, commercial services, and public green space. To date, the area’s high school has been reopened, 83 affordable homes have been built, Habitat for Humanity is currently constructing an additional 20 for-sale homes and the Philadelphia Housing Authority is converting a building to create 94 senior housing units. The NMTC portion of the project includes a Grocery Outlet Supermarket, a Santander Bank Branch, multiple restaurants and eateries, such as Wing Stop, space for small businesses, and 98 residential units. Thirty-six percent of the residential units are planned to be maintained as affordable at or below 80% of the Area Median Income. The NMTC portion of the project will also serve as a catalyst for the Non-NMTC portion of The project, which include a healthcare center and a parking garage for the Philadelphia Housing Authority.

MAP

Address: 2051-2077 Ridge Avenue, Philadelphia, PA 19121

Census Tract: 42101013900

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