2020

Lead private investors include Woodforest CEI-Boulos Opportunity Fund, one of the nation’s leading Opportunity Zone funds focused on impact, Harris Blitzer Sports & Entertainment’s (HBSE) real estate and community enrichment arm, HBSE Real Estate, and a team of local investors who contributed through a unique community crowd fund, called Small Change.

The Philadelphia Industrial Development Corporation (PIDC), Commonwealth Cornerstone Group (CCG), an affiliate of the Pennsylvania Housing Finance Agency, and Capital One Bank, invested $28.5 million in New Market Tax Credit allocations necessary to bring this project to fruition. PHA serves as the senior lender and partner in the project.

“We are absolutely thrilled to make this phase of the Sharswood/Blumberg transformation plan become reality,” said PHA President and CEO Kelvin A. Jeremiah. “From the beginning, the revitalization of the Ridge Avenue corridor has been key to making Sharswood a neighborhood in which families would choose to live. The redevelopment of this site will provide housing services and jobs that disappeared from the neighborhood decades ago. I would like to thank Mayor Kenney, Council President Clarke and everyone involved in these efforts. The neighborhood is realizing the vision set forth by the community under the direction of Mosaic Development and their partners.”

PIDC continues to serve Philadelphia neighborhoods through the New Market Tax Credit Program and has invested significantly in Philadelphia neighborhoods through this program.

“This high-impact project will bring critical goods and services to North Philadelphia, will create job opportunities for neighborhood residents, and help to energize the entire Ridge Avenue commercial corridor,” said PIDC President, Anne Bovaird Nevins. “PIDC is proud to help finance this project and to work with Mosaic Development Partners, SHIFT Capital, and the PHA to make this project a catalyst for the corridor and for the whole community.”

“Sharswood Ridge is a major achievement that will bring significant opportunities to the surrounding community for many years to come,” said Joe DeFelice, Regional Administrator of HUD’s Mid-Atlantic region. “As I’ve often said, HUD is very proud to be a part of this united effort to change lives for the better. The progress we have seen so far is a testament to what we can achieve when the public and private sectors work together.”

“Fulton Bank is proud to be a part of this exciting public – private partnership.  We view this as an extension of our commitment to the greater Philadelphia market and to the Sharswood-Brewerytown neighborhoods,” said Sue Lonergan, Fulton Bank Regional President for Southeastern Pennsylvania. “Similar to Fulton Bank’s opening the first branch in Brewerytown in 30 years, our involvement in this development epitomizes our Fulton Forward initiative, which promotes diversity, equity and inclusion; encourages the building of vibrant communities; fosters affordable housing; drives economic development; and increases financial literacy in the communities served by Fulton Bank.”

The project is expected to create over 200 construction jobs and generate over 200 permanent jobs, of which 70 percent are expected to be made available to local residents. Construction is anticipated to begin this month.

“This development is a tremendously exciting day for the North Philadelphia community,” said Council President Darrell L. Clarke, whose district includes the site. “A $52 million mixed-use development that is urgently needed by North Philadelphia residents is finally happening.”

“This project checks so many boxes for our residents on issues magnified by the COVID-19 pandemic. A lack of access to healthy foods – we have a supermarket in this development. Check that box. Access to adequate health care – we have an urgent care coming here. Box checked. Access to banking – a new bank is locating here. Check that box. More affordable housing – for seniors. Check the box. Businesses which are minority-owned gaining economic opportunity. A black developer is developing this project. This project checks every box we want and need in North Philadelphia. I cannot wait to get shovels in the ground.”

“This development will serve as a linchpin in the rebirth of the Sharswood neighborhood,” said Mayor Jim Kenney. “It shows what we can achieve when government and private partners join together with a common purpose. It also shows the value of including community members in setting priorities for the services they feel are most important to them. Congratulations to PHA and all of its partners for making this day possible.”

“Sharswood Ridge is a testament to our work and belief that all neighborhoods deserve equitable investment and wealth building opportunities,” said Leslie Smallwood Lewis, Mosaic Development partner. “This is only possible through a true public-private partnership, and we’re honored to work with the Philadelphia Housing Authority, elected officials, the local community and our investors who are dedicated to bringing essential services and improving neighborhoods.”

“Sharswood Ridge will be considered a national model for creative public-private partnerships. It is a testament to mission-aligned developers and investors working together with our government partners to deliver a project that the community needs and deserves,” said Brian Murray, CEO, SHIFT Capital. “SHIFT is thankful to PHA for their vision and our various partners who believe in the greater mission of this project and the investment in the Sharswood neighborhood.”

Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank added, “I am proud to contribute to the revitalization of the Sharswood neighborhood and deliver catalytic capital that will have an economic ripple effect throughout the Philadelphia market, where I live and work. In providing the first and largest equity investment in this project, the Woodforest CEI-Boulos Opportunity Fund is proving that Opportunity Zones are a powerful force of positive change for communities that need it most.”

“Building upon the Philadelphia 76ers rich history of community engagement, investment and development in the communities where our fans live, work and play, HBSE is proud to support a project developed in partnership with community members,” said David Gould, Harris Blitzer Sports & Entertainment’s Chief Diversity and Impact Officer. “The Sharswood Ridge project is even more important as we emerge from the public health and economic crises we’re currently facing, ones that have disproportionately affected Black communities. Harris Blitzer Sports & Entertainment, the Philadelphia 76ers and HBSE Real Estate look forward to working alongside Mosaic Development, the Philadelphia Housing Authority and our partners to deliver a game-changing project for the people of Sharswood.”

The Sharswood/Blumberg Redevelopment Initiative is a plan by the PHA to improve the quality of life for local residents. The community faces a 52.5 percent poverty rate, 80 percent unemployment, more than 1,300 vacant parcels, a vacant public school building, a depressed commercial corridor, and a frail system of social services. The Initiative aims to develop the neighborhood through new affordable housing, local job creation, neighborhood-serving retail and commercial services and public green space. The redevelopment has so far delivered hundreds of housing units and the PHA’s new office headquarters which opened in December 2018. Sharswood Ridge is intended to complement those earlier investments. Local neighborhood community leaders, who have been waiting for years for this community to realize an investment of critical community services, celebrated the groundbreaking.

About Mosaic Development Partners

Mosaic Development Partners is a Philadelphia based, minority certified commercial real estate development and project management company founded in 2008. Mosaic primarily focuses on ground up development and adaptive reuse of commercial properties in underserved urban communities. The company has successfully used viable, but complicated finance instruments (largely in the form of local, state, and federal loans and tax credits) to help stabilize and grow neighborhoods and create jobs. By partnering with municipalities, established developers, not-for-profit organizations and government entities, Mosaic has leveraged its investments and revitalized properties in struggling or stagnated communities. Since 2012, Mosaic and its partners have secured and invested more than $100 million in Philadelphia neighborhoods, resulting in hundreds of construction and full-time jobs, eliminating blight, and spurring additional investment in those communities.

Mosaic Brokerage Group (MBG) is a full-service real estate brokerage. Its agents are experienced in residential and commercial leasing and sales, tenant representation and the repositioning of existing assets. The brokerage is well regarded for its ability to assist its clients in evaluating and implementing improvements that will best position the asset to ensure a positive outcome.

To learn more about Mosaic, visit www.mosaicdp.com and www.mosaicbrokerage.com.

The Woodforest CEI-Boulos Opportunity Fund invests in high-impact commercial real estate projects in federally designated Opportunity Zones with the goal of ensuring that its investments benefit economically distressed communities in which the projects are located. The fund is an innovative collaboration between Woodforest National Bank, the fund’s investor, a privately held, employee-owned bank with over 750 branches, and CEI-Boulos Capital Management, LLC, the fund’s manager. CEI-Boulos Capital Management is a joint-venture of Coastal Enterprises, Inc. (CEI), one of the nation’s most successful Community Development Financial Institutions (CDFIs), with over 40 years of experience investing in communities with low-incomes, and The Boulos Company, an integrated commercial real estate firm with broad experience in capital markets and real estate development. The Woodforest CEI-Boulos Opportunity Fund was recognized by Forbes and the Sorenson Impact Center as one of the “The Forbes OZ 20: Top Opportunity Zone Catalysts,” one of the ten most innovative and impact focused Opportunity Zone funds in the country.

Media Contact For PHA:
Nichole Tillman, 215-888-2869
[email protected]

Agreement clears the way to begin construction of new supermarket in Sharswood

(Philadelphia – October 5, 2020) – The Philadelphia Housing Authority (PHA) and OccupyPHA have reached an amicable resolution involving the Ridge Avenue encampment known as “Camp Teddy,” the encampment located across the street from PHA’s headquarters.

“I want to thank all of those whose hard work and good faith negotiating resulted in this resolution,” said Mayor Kenney. “As I have said from the start, the issues raised by the camp leaders — homelessness and the lack of affordable housing – are deep rooted and urgent. We hope this agreement will lead to a resolution of the separate protest camp on the Parkway. And we hope it will lead to new impetus among all partners to solve these vexing problems.”

“I would like to thank Ms. Bennetch and the other encampment leaders for highlighting the urgent need for long-term permanent housing and the need for more resources to address homelessness. I have always said that there is an affordable housing crisis in Philadelphia and that PHA is willing to do its part to help solve this problem, but we cannot do it alone. There needs to be true collaboration of resources and ideas to meaningfully address this problem,” said Kelvin A. Jeremiah, PHA’s President and CEO. “I would also like to thank Ryan N. Boyer and Building and Construction Trades Council for being a true partner not only by words but by actions. It is also important that we address the older housing stock that has not been maintained due to the insufficient federal funding. And finally, I would like to thank the Sharswood Community for their support and patience during these challenging times. With zoning, building permits and financing in hand, your grocery store is on its way as promised.”

The agreement, completed after nearly four months of negotiations, resulted in the residents of Camp Teddy voluntarily vacating the encampment site on October 5th. Importantly, the accord will clear the way for the now delayed construction program to begin on a mixed-use development, including a supermarket for the Sharswood neighborhood, long sought by the community, along with 98 units of housing, a bank, an urgent care center and other retail businesses.

The agreement ensures residents of Camp Teddy can opt-in to social services from Project HOME and/or the City of Philadelphia and be given a pathway to permanent affordable housing. This innovative solution demonstrates what can happen when organizations put their differences aside and collaborate on a common goal.

PHA has created an unprecedented pilot program called “Working for Home Repair Training Program” with the Building and Construction Trades Council (BCTC). The program will create housing and job opportunities for those experiencing homelessness through the renovation of long-term vacant structures, some of which have been unoccupied for over 20 years. This will allow those without homes to put in sweat equity alongside union workers to become invested in their home and the community.

“In late June, OccupyPHA along with residents of the Parkway Encampment (known as Camp JTD) moved to parcels of land located across from PHA’s Headquarters with the goal of pressuring PHA to come to the table regarding the housing crisis in Philadelphia and to discuss uses for long term vacant PHA properties. At times it seemed like all of our efforts would be in vain, however we were able to reach an agreement with PHA to create a Community Land Trust for permanent low income housing with long term vacant PHA properties that were going to be disposed of. We appreciate PHA’s willingness to explore this idea with us, we look forward to our new venture and hope that it leads to lasting change,” said Jennifer Bennetch, OccupyPHA Founder.

“We understand the importance of hard work and being invested in the community you live in. The Work 4 Home pilot program will change people’s lives forever. We look forward to working with PHA and teaching people how to create better lives for themselves and their families as well as expanding the program to help generations to come,” said Ryan N. Boyer, President BCTC. “I would also like to thank Kelvin A. Jeremiah and PHA for including BCTC in this important initiative and for keeping his commitment to the Sharswood Community and the $52 million community development project that will not only bring a supermarket and housing, but also much needed jobs to the city,” Boyer said.

“We applaud President Kelvin A. Jeremiah and the Philadelphia Housing Authority for reaching an agreement that enables a $52 million mixed-use development that is urgently needed by the North Philadelphia community to move forward,” said Council President Darrell L. Clarke, whose 5th District includes the site.

“The issues that City Council has spoken about all year – racial disparities magnified by the COVID-19 pandemic, a lack of access to healthy foods, adequate health care and affordable housing – are all being addressed by this development,” Clarke said. “In addition, the developer of this site is a black-owned firm, who is committed to employing people from North Philadelphia to build this site and to work in the businesses that will open there. A supermarket, a bank for North Philadelphia, affordable housing units, an urgent care facility – can all now be built, thanks to this agreement announced by PHA today. This checks all the bases for what we need in North Philadelphia.”

At PHA’s virtual board meeting, on October 15th, PHA will ask the Board for authorization to establish the COVID-19 Homeless Relief Program. If approved by the Board, PHA will allocate 25 permanent housing opportunities for homeless families who are referred to PHA by qualified service provider(s). The referral is critical to ensure the individual will not only receive housing but also the necessary social service support to sustain their home. The housing opportunities canbe for public housing units or Housing Choice Voucher program. PHA will execute a memorandum of understanding (MOU) with an appropriate service provider(s). This preference will expire on December 31, 2020.

This innovative, creative solution with the encampment leader meets both PHA’s and the encampment’s goal of creating pathways to sustainable permanent affordable housing for the underserved populations.