Commonwealth Cornerstone Group plans to build 98 mixed-income rental housing units and a shopping complex in North Philadelphia.
The group recently completed a federal New Markets Tax Credit transaction of $16.5 million to assist with the project. It invests in areas that need economic revitalization or have historic or cultural value.
Three apartment buildings will offer mixed-income housing, including 13 units at 80 percent of area median income and 17 units at 60 percent of area median income. The county’s median income is $12.64/hour.
The shopping complex will offer 231,000-square-foot of commercial space for lease. Four major tenants have already signed leases. They are a Santander Bank branch, a Wingstop restaurant, an Everest Urgent Care/Adult Daycare center, and a Grocery Outlet Market.
The project’s construction will create 109 temporary, full-time jobs and will support 27 indirect jobs. Once completed, the shopping complex’s businesses will create 100 full-time equivalent jobs and support 28 indirect jobs.
The Philadelphia Housing Authority, Shift Capital, and Mosaic Development Partners are leading revitalization efforts to reinvigorate the Sharswood neighborhood in North Philadelphia.
The Sharswood/Blumberg Neighborhood Transformation Plan includes a health care clinic and grocery store to improve the quality of life of residents.