| Some $11M in state tax credits have just been awarded to a six-story elder housing project for LGBT senior citizens. Mark Segal, publisher of Philadelphia Gay News and president of the dmh Fund, has been working for years now to make the complex a reality. The fund and Pennrose will be co-developing the $19M public-private initiative, one of the first of its kind in the nation, on the stretch of South 13th Street between Locust and Spruce streets. Roughly 2.5k SF of retail space will be available on the ground floor. "What happens next is everything," Pennrose's Jacob Fisher tells us. An investor will be purchasing the tax credits, he says, while $8M in city financing will round out the remainder. Completion is projected for late 2013. |
LGBT SENIORS PROJECT MOVES FORWARD
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