Chestnut Ridge
Wallingford, Pennsylvania

Description

• Vacant steel framework abandoned for more than a decade
• Acquired, redesigned and built   to meet a critical need of the community
• 100 Independent Living senior units
• 68 Assisted Living units
• Full supportive services for residents include emergency call system, exercise rooms, library, gift shop, dining, hair salons, and more

Developer
Pennrose Properties

Architect
The Klett Organization
Jenkintown, PA

General Contractor
AJD Construction, Inc.
Leonardo, NJ

Management
Genesis Health Ventures
Kennett Square, PA

The Challenge

In Chester, Pennsylvania, the steel skeleton of a high-rise development that had failed during construction under a previous owner sat vacant just one mile from the Crozer-Chester Medical Center and 2.5 miles from Taylor Hospital.   These two community health facilities possessed stated urgent needs for additional supportive residential housing and services for low-income seniors in the community.

The Solution

Pennrose redesigned the originally contemplated building in order to reconfigure the steel structure to accommodate two targeted senior groups:   those able to live independently and those in need of assisted living facilities.   Pennrose successfully used the Low Income Housing Tax Credit Program in conjunction with Tax Exempt Bond Volume Cap to finance this facility. This building offers spacious living units with an emergency call system, meal program, full-time activities director, transportation services, exercise room, on-site beauty and barbershop, library, gift shop, physician offices, physical and occupational therapy rooms, recreation rooms, and weekly housekeeping and linen service.

Chestnut Ridge demonstrates the Pennrose Development Team's expertise in the artful handling of the intricacies of complex financial structures.   It also underscores our ability to envision, for the community's greater good,   a wide range of adaptive reuses non-performing buildings. It exemplifies how we take that vision and make it a reality.   The Residences at Chestnut Ridge opened in 1999.

< Back to Mixed Finance Properties
< Back to Pennsylvania Properties