6/04/2012

Korman Residential builds 722 rental apartments


According to PlanPhilly, Korman Residential plans to build 722 rental apartments in a two-story complex on now vacant land in Eastwick, near the airport and John Heinz National Wildlife Refuge.

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.


Korman is also asking the city to strike streets, pedestrian walkways and utility rights-of-way within a 35-acre parcel bounded by Lindbergh Boulevard, Dicks Place, 86th Street and Sheckctor Place.  Last week, Korman received planning commission approval for those zoning and streets bills, bringing it a step closer to building the apartments, which project attorney Peter Kelsen described as "workforce housing, for people who move to the city to work at the airport, stadiums" or other nearby places, with rents between $1,100 and $1,450 per month.  It would be built in four phases, with completion planned for 2018.

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.

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