PHILADELPHIA — The Philadelphia Housing Authority (PHA) and partners LMXD and MSquared broke ground March 2 on the first phase of the Westpark Apartments redevelopment in West Philadelphia. The project as a whole covers 12 acres and will consist of upgrading existing structures as well as building new homes. The site is home to public-housing high-rises and was developed in the early 1960s. The project cost for Phase I, accounting for 327 new units, is approximately $205 million, according to the Philadelphia Tribune. WHYY reports the total project cost to be approximately $500 million.
In this first phase, two new buildings will be constructed and one tower on the south end of the site will be rehabilitated. A new mid-rise building will include 145 new homes, including project-based vouchers (PBVs) for returning residents as well as units affordable at 20 to 80 percent of area median income (AMI).
The other new-construction building will consist of 41 units reserved for returning families on PBVs as well as households earning no more than 50 percent AMI. Redevelopment of the existing tower encompasses 141 units, 39 of which are reserved for PBV tenants and 76 will be rent capped at 20 to 80 percent AMI.
Construction on the first phase of the project is slated for completion by 2028. At the end of future phases, the Westpark site will comprise 1,000 new homes, retail, social services, transportation infrastructure and 4 acres of new public open space. MSquared is a New York-based development and investment company. LMXD also is New York-based and is an affiliate of L+M Development Partners.