After Promising To Provide Affordable Housing Units, One Water Street Gives Cash Instead
After changing its mind about including 25 affordable housing units in its One Water Street project, PMC Property Group has reached an agreement with the City of Philadelphia that allows residents to begin moving into the building.
The initial deal would have given One Water Street a zoning variance that allowed the 48 extra feet above regulation height the building contains. But an agreement with Mayor Jim Kenney, wherein PMC would pay $3.75M into the Philadelphia Housing Trust Fund, allows the project to move forward, Newsworks reports.
Rather than attempt to replace the affordable housing variance with individual concessions for ground-floor retail, public art and improved environmental systems, PMC has agreed to simply help subsidize the very group that its change of heart would have most negatively affected.
The money will go to assisting impoverished families in paying for home repairs. [Newsworks]