Philadelphia, PA (June 1, 2022) Frankel Enterprises, in partnership with the Philadelphia Housing Authority (PHA) and the City of Philadelphia, celebrated the completion of The Residences at Diamond Village, 30 family-sized affordable homes located at 1100 Diamond Street along North 8th and North 11th Streets. Diamond Village represents the final stage of the $30 million Choice Neighborhood Implementation Grant (CNI) awarded to the City of Philadelphia and the PHA in 2014.
The new residents are mostly first-time home buyers. Five new homeowners are former residents from PHA homes, including three families who lived at the site of the original 1960 Norris Homes, which were replaced as part of The North Central Choice Plan. The neighborhood has been transformed through several phases of redevelopment, with PHA creating successful public-private partnerships through the CNI, including The Residences at Diamond Village. Homeownership is critical in stabilizing neighborhoods, addressing blight, creating intergenerational wealth, and balancing the volume of market-rate housing in gentrifying neighborhoods. All homebuyers met income eligibility requirements and were encouraged to Frankel Enterprises, in partnership with the Philadelphia Housing Authority (PHA) and the City of Philadelphia, celebrated the completion of The Residences at Diamond Village in North Philly. From left are State Rep. Donna Bullock: Zackary Frankel; Max Frankel, Community leader Donna Richardson; PHA President & CEO Kelvin Jeremiah, new homeowner, Alexis Smith-Williams and City Council President Darrell L. Clarke. completed homeownership counseling to purchase the 3-bedroom, 2-bath homes with a rear patio.
Homeownership is critical in stabilizing neighborhoods, addressing blight, creating intergenerational wealth, and balancing the volume of market-rate housing in gentrifying neighborhoods. All homebuyers met income eligibility requirements and were encouraged to completed homeownership counseling to purchase the 3-bedroom, 2-bath homes with a rear patio.
The Residences at Diamond Village are the second workforce housing development built by Frankel Enterprises. West Poplar Homes, comprised of 26 single family homes was completed in 2019. Frankel Enterprises will continue its strong relationship with PHA when they break ground this fall on 73 single family homes in the Sharswood neighborhood. Applications for the yet to be named development, are currently being accepted at PhillyWorkforceHomes.com.
“We are incredibly proud to welcome new homeowners to The Residences at Diamond Village and honored to have families choose to live in the homes we built,” says Zachary Frankel, Principal of Frankel Enterprises. “Reactivating vacant property to create high-quality homes that will last for generations is transformational for this neighborhood and the families that live here.”
“When Philadelphians are given access to opportunities such as homeownership, they are given the power to change the trajectory of life for themselves and for future generations,” said PHA’sPresident and CEO Kelvin A. Jeremiah. “The best way to stop the surge in violence is to ensure families and children have the basicnecessities so they can succeed at work and excel in school. Homeownership does just that. It builds wealth,
stabilizes homes and restores communities.”
“Another day, and another ribbon-cutting for 30 new affordable homes for residents in North Philadelphia,” said Council President Darrell L. Clarke, whose 5th District includes the Residences at Diamond Village. “Most of these residents are first-time homebuyers, and several lived at the original Norris Homes. Thanks to the hard work, vision and partnership that we have with the Philadelphia Housing Authority, the City of Philadelphia, City Council and Frankel Enterprises, this is another really good day of affordable housing coming on line for Philadelphians.”
Congressman Dwight Evans said, “I was pleased to work diligently with the city government to aid PHA’s application for the $30 million Choice Neighborhoods Initiative federal grant, and I’m happy to see the initiative succeeding for Philadelphians.”
“PHA is critical to building sustainable communities with quality affordable housing, public transportation, commercial corridors and other community assets. The residents that move in here will attend local schools, shop at nearby businesses and become a part of the fabric of the neighborhood,” says Donna Richardson, CEO of Norris Community Resident Council.
About Frankel Enterprises
Founded in 1936 by E.J. Frankel, whose work ethic, integrity, and creativity launched major projects in Philadelphia, Delaware, New Jersey, Ohio, and South Florida. Today, Frankel Enterprises is a fourthgeneration, family-owned real estate development company focused on investment in the Mid-Atlantic and South Florida. The company is widely recognized for building a legacy of Philadelphia development including The Warwick Condominiums, Kennedy House, William Penn House, and 1845 Walnut Street, as well as luxury communities in Florida.