The area has been under Philadelphia Redevelopment Autority control and slated for residential development for decades under the Eastwick Urban Renewal Plan. Korman has had the option to develop it for many years. But the renewal plan calls for single family housing, not multi-family, so Korman needs a zoning change to build as planned.
Kelsen said building the one- and -two-bedroom apartments will cost about $102 million and create 590 jobs during construction. After the 10-year tax abatement expires, it would generate $2.62 million in annual taz revenue for the city, and when the first phase is completed in 2013, Eastwick will have about 1,000 new residents.