Brand new development will bring 55 mixed-income apartments and supportive services to Philadelphia’s Overbrook neighborhood
See coverage of this story in The Philadelphia Inquirer and the Philadelphia Business Journal.
PHILADELPHIA, August 13, 2024 – Pennrose, Wynnefield Overbrook Revitalization Corporation (WORC) , and project partners celebrated the groundbreaking of Good Shepherd, a new 55-unit, affordable senior housing community at the site of the former Good Shepherd Presbyterian Church in the Overbrook neighborhood of Philadelphia. The project is slated to be completed in Fall 2025.
Speakers at the groundbreaking celebration included Harry Moody, Senior Developer, Pennrose, LLC; Reverend Eustacia Marshall, Pastor, New River Presbyterian Church; Reverend Kevin Porter, Stated Clerk, Presbytery of Philadelphia; Dave Thomas, President & CEO, Philadelphia Housing Development Corporation; Clarance Burleigh, Director, Bank of New York Mellon; Robin Wiessmann, Executive Director & CEO, Pennsylvania Housing Finance Agency (PHFA); Representative Morgan Cephas, District 192 – Pennsylvania House of Representatives; Councilmember Curtis Jones, District 4, City Council of Philadelphia; Aren Platt, Chief Deputy Mayor, City of Philadelphia; Senator Vincent Hughes, District 7 – Pennsylvania State Senate; Jacob Fisher, Regional Vice President, Pennrose, LLC.
The four story, 53,000 square foot affordable housing community will offer high-quality, one-bedroom apartments for seniors available at 20% to 60% of the Area Median Income (AMI), about $430 to $1,290 for a one-person household. The sustainable building will be designed to meet Enterprise Green Communities and Zero Energy Ready Home standards.
“We are honored to work with the church, project partners, and local community to maintain Good Shepherd’s legacy as a community hub and bring much needed affordable housing to Overbrook,” said Jacob Fisher, regional vice president at Pennrose. “In an area that has seen very little new development over the past two decades, Good Shepherd will provide Philadelphia seniors with critical housing and robust on-site amenities and services.”
“Good Shepherd Senior will be providing much needed new housing for senior residents in the community and will be a strong anchor for the neighborhood,” said Gerald Murphy, executive director of the Wynnefield Overbrook Revitalization Corporation (WORC). “WORC is excited to partner on another transformational project with Pennrose.”
An important component of the development is the delivery of on-site supportive services to help seniors age in place comfortably and live full, satisfying lives. Pennrose Management Company (PMC) will work with local community partners, including the Wynnefield Overbrook Revitalization Corporation and Neighbors of Overbook Association, to identify resident needs and provide tailored resources and services, including social, health, and educational programming.
In addition to supportive services, Good Shepherd will offer residents a full array of on-site amenities, including a fitness room, management suite, multi-purpose community room, outdoor patio with seating, and flex space. The development also includes plans for seven parking spaces along with a resident drop-off / pick-up zone in the front of the building.
“Seniors, many of whom live on a fixed income, are especially vulnerable in the affordable housing crisis and at risk of being priced out of the neighborhoods they call home,” said Marsha Blunt, president at Pennrose Management Company. “Good Shepherd isn’t just about housing – it’s about providing Philadelphia’s senior community with the support and resources they need to thrive for years to come.”
Following a fire and the destruction of the Good Shepherd Presbyterian Church in 2016, church leaders selected Pennrose to transform the site and help address the area’s shortage of quality, affordable housing. In Philadelphia, more than 59,000 households are on the waiting list for affordable housing – and in Overbrook alone, 62% of renters are rent-burdened, meaning over 30% of their income is spent on rent.
Sources of funding for the project include Low-Income Housing Tax Credits (LIHTC); State LIHTC; PHFA Perm Debt; PHFA PHARE funds; Philadelphia DHCD funds; PA Redevelopment Assistance Capital Program (RACP); Alexander G. Mercer Board of City Trust funds; and Developer Reinvestment.
With its primary headquarters in Philadelphia, Pennrose has an established track record developing high-quality, affordable housing throughout Philadelphia and the northeast region. Pennrose is also currently working with the Philadelphia Housing Authority on phase III of the Sharswood Transformation Plan, which will deliver more than 1,200 new mixed-income rental homes, 420 affordable and market-rate homeownership units, and more than 200,000 square feet of mixed-use development, once complete.
About Pennrose
With more than 50 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates conventional, affordable, mixed-income, and mixed-use communities throughout the United States. For more information visit www.pennrose.com.
Posted In Company, Philadelphia, Real Estate & Related Services