PHA BREAKS GROUND ON ITS FIRST DEVELOPMENT IN CENTER CITY
Philadelphia Housing Authority President & CEO Kelvin A. Jeremiah (fourth from left), dignitaries, and partners participate in a historic groundbreaking for 2012 Chestnut Street, the agency’s first-ever residential community in Center City.
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PHA BREAKS GROUND ON ITS FIRST DEVELOPMENT IN CENTER CITY
Transformation of its Former Headquarters Site Delivers 121 New Homes
Philadelphia Housing Authority President & CEO Kelvin A. Jeremiah (left) and Philadelphia City Council President Kenyatta Johnson (right) stand post shovels in dirt ceremony at the groundbreaking for a new mixed-income community on the site of PHA’s former Center City headquarters.
PHILADELPHIA, PA (November 6, 2026) The Philadelphia Housing Authority (PHA), in partnership with Alterra Property Group and RHEAL Capital Management officially broke ground on Twenty-Twelve, a $62.5 million, 14-story mixed-income development at 2012 Chestnut Street.
Marking a historic milestone as PHA’s first residential development in Center City, the initiative transforms the former site of PHA’s administrative headquarters into a vibrant residential community in the heart of the city.
“No place should be off limits to our residents,” said Kelvin A. Jeremiah, PHA President & CEO. “This landmark development reflects our commitment to ensuring that affordable, high-quality housing is available in every part of the city. Designed as a mixed-income community where people from all walks of life can thrive, the building will provide 121 new homes for PHA residents in Center City. By bringing affordable housing to a location rich in employment, transit, and opportunity, we are opening doors and creating greater access to all that Center City has to offer. I want to thank HUD, Mayor Parker, and Council President Johnson for their support throughout this process.”
“Quality, affordable housing close to the jobs, entertainment, and transportation that Center City offers is exactly the kind of inclusive development we want to see across Philadelphia,” said Mayor Cherelle L. Parker. “Where you can afford to live should not determine your access to opportunity. I applaud Kelvin Jeremiah and the entire Philadelphia Housing Authority team for their commitment to making this long-awaited development a reality, transforming their former headquarters into 121 new homes, including much-needed affordable housing for working families. This is how we move closer to a Philadelphia where every resident can afford a quality place to call home.”
“Creating affordable housing in the heart of Center City sends a powerful message that every Philadelphian deserves a place in the neighborhoods where opportunity is growing,” said Philadelphia City Council President Kenyatta Johnson (2nd District). “This development represents an important investment in our residents and our city’s future, ensuring that working families and individuals have access to quality housing, economic opportunity, and the resources that support long-term stability.”
“RHEAL Capital Management is honored to have played a role in the transformation of PHA’s former headquarters into modern state-of-the-art housing. For almost 50 years, this location was central in assisting generations of Philadelphians find an affordable place to call home,” said Managing Partner, RHEAL Capital Management, LLC, John Rhea. “There is no better way to honor that legacy than today’s groundbreaking. It is testament to the enduring power of PHA’s mission.”
“We are proud to help bring Twenty-Twelve to life and create high-quality, mixed-income housing in the heart of Center City. This development will connect residents to jobs, transit and all that Philadelphia has to offer,” said Managing Partner, Alterra Property Group, LLC, Leo Addimando. “Reaching this historic milestone would not have been possible without Kelvin Jeremiah’s leadership and the dedication of the entire PHA team.”
The development features 121 apartments along with approximately 2,000 square feet of ground-floor commercial space. This development further presses PHA’s commitment to housing affordability, 60 percent of the apartments will be reserved for working families earning up to 80 percent of the Area Median Income (AMI), roughly $78,500 for a two-person household. The remaining 40 percent will rent at market rate.
Designed with a historic masonry façade and modern interiors, Twenty-Twelve offers residents a rooftop terrace, a fitness center, and technology-enabled meeting rooms on every floor.
This $62.5 [AC1] million investment will create hundreds of local construction jobs and trade contracts as site work progresses. Alterra Property Group will build and manage the property under a 99-year ground lease structure with PHA.
The development team includes site contractor John J. Dougherty & Son, general contractor Hunter Roberts Construction Group, and design firm JKRP Architects.
“Admittedly, the road to get here faced its share of hurdles, nearly two decades of vision, redesigns, and navigating federal approvals,” Jeremiah added. “But every approval is in hand, excavators are on-site, and work is officially in full swing.”
It is scheduled to be completed in the 4th quarter 2028.
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About the Philadelphia Housing Authority:
PHA is the nation’s fourth-largest housing authority, serving nearly 80,000 residents in the City of Philadelphia. PHA is committed to providing safe, decent, and affordable housing while offering programs that lead to economic self-sufficiency.
[AC1]The beginning of the press release says $65Mviding safe, decent, and affordable housing while offering programs that lead to economic self-sufficiency.
