Saturday, February 25, 2012

$48M Project Near Temple Lands $5M Allocation

"The $48 million Paseo Verde, a mixed-use transit-oriented project in the Ludlow district, is poised to start construction, thanks to a $5 million allocation of New Markets Tax Credits by Building America CDE Inc., a wholly owned subsidiary of the AFL-CIO Housing Investment Trust.

The developers are Jonathan Rose Cos., which specializes in "green" urban affordable housing, and Asociacion Puertorriquenos en Marcha (APM), a local community developer on a mission to reunite Ludlow with nearby Temple University and its surrounding neighborhoods. Paseo Verde is envisioned as a 1.9-acre cornerstone of Ludlow's public-private revitalization. Being designed for LEED Gold certification, the build-out will include a healthcare facility, social services, 30,000 square feet of commercial and retail space and 120 units of affordable and workforce housing.

The development site has been vacant for decades and is adjacent to the Temple University Regional Rail train station. Paseo Verde is expected to generate 150 construction jobs and create 42 permanent jobs in addition to supporting the retention of another 39 jobs in the local economy.

In the past 15 years, the AFL-CIO trust has provided more than $55 million for projects in Philadelphia, representing $82 million of development activity and resulting in 650 housing units and 500 construction jobs."

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