This Week’s Philadelphia Deal Sheet: PHA Celebrates Completion Of 63 New Affordable Units In Sharswood
Sharswood was abuzz with the sound of construction on Wednesday as workers put the finishing touches on the Philadelphia Housing Authority’s 63 new affordable low-rise apartments.
The sleek, modern units were built on a site previously defined by the since-demolished Norman Blumberg Apartments. That complex's social woes once gave Sharswood a bad reputation, said PHA Board Chair Lynette Brown-Sow.
“They were drug-infested. You couldn’t come to this community if you weren’t here to buy drugs,” she told Bisnow at Wednesday's ribbon-cutting event. “There was lots of blight. No space for community interaction or anything. It was horrible.”
Residents had “every right to expect more from PHA,” the agency’s CEO, Kelvin Jeremiah, said, adding that the final price tag for the project was $39M.
“I hope we delivered for you.”
Construction began in November, seven years after the high-rises were demolished.
The PHA project, centered on the corner of Harlan and 23rd streets, includes 12 one-bedroom units, 22 two-bedroom units, 19 three-bedroom units, 11 four-bedroom units and a single five-bedroom apartment. Two of the four-bedroom units are existing residences that have been rehabbed, bringing the grand total to 65.
PHA’s work has spurred a wave of private residential development along nearby streets in Sharswood, which is immediately east of rapidly gentrifying Brewerytown.
The new public housing units will contribute to Mayor Cherelle Parker’s HOME Initiative. Parker aims to build and preserve 30,000 housing units across Philadelphia before the end of her term in 2028.
The initiative will be discussed at a daylong city council budget meeting scheduled for April 21.
PEOPLE
Center City District hired a new team member. Vice President of Development and Partnerships Adam Robinson began his tenure at the end of last month. He previously held a similar role at the Museum of the American Revolution in Old City.
SALES
Alterra IOS recently purchased two industrial outdoor storage sites in South Jersey.
One, at 223 Paulsboro Road in Swedesboro, is a roughly 5-acre parcel, and nearly 25K SF of improvements are planned. The other, at 189 Dominic Lane in Paulsboro, has more than 4,000 SF of warehouse space on about 2 acres and is fully leased by a long-term tenant.
NAI's Scott Mertz facilitated the Swedesboro transaction, while Adam Deeves of Action Commercial Group played a key role in the Paulsboro purchase.
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Velocity Venture Partners sold its 30K SF warehouse space at 771 Fifth Ave. in King of Prussia to a private investor for $5M. The seller initially bought it for just $3M in January 2025.
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A nearly 11K SF net-leased building at 3001 Linden St. in Bethlehem sold for $4.6M. It’s currently occupied by childcare facility Lightbridge Academy.
A Marcus & Millichap team including Colin Reder, Derrick Dougherty and Scott Woodard facilitated the sale.
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A century-old art deco building on the corner of Broad and Guetter Streets in Downtown Bethlehem sold to a company called 46-52 West Broad Street LLC. The LLC purchased the structure from Wells Fargo. Plans for the site have yet to be finalized.
Colliers Derek Zerfass and Seth Lacey represented Wells Fargo in the transaction.
CONSTRUCTION AND DEVELOPMENT
A nearly 500K SF office facility at 8800 Tinicum Blvd. in Philadelphia will be redeveloped as a warehouse. The site near the Philadelphia International Airport is owned by RMR Group.
Avison Young's Matthew Marshall, Jim Scott and Jack Owens were selected to lease the property.
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Local lawmakers and the nonprofit Our City Reading are teaming up to redevelop a 120K SF building at 450 Penn Street in the city’s downtown.
Construction is expected to begin in 2026. The final product will have street-level retail and offices and apartments on the upper floors.
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Court 16, a chain of boutique tennis and pickleball clubs, opened a new 14K SF location at 1400 N. Howard St. in Fishtown. The building is owned by Asana Partners.
MSC's Jacob Cooper, Britany Goldberg, Julia McManus and Douglas Green facilitated the deal.
THIS AND THAT
The Philadelphia Land Bank has debuted its new streamlined website. The updated webpage was designed to make it easier for potential buyers to learn about the organization’s holdings and other resources.
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Philadelphia lawmakers will celebrate 63 new affordable homes entering the market through the city’s Turn the Key program on Friday. Mayor Cherelle Parker is scheduled to speak at 2215 North Franklin St. in North Philly at 11 a.m.
