Fifth Street Apartments
Chester, Pennsylvania

Leasing Information

Description

• Rehabilitation and renovation of turn-of-the-century row homes
• 22 two-and three-bedroom two-story apartments affordable for families
• Placed in service in 1993
  

Developer
Pennrose Properties

Architect
Kitchen & Associates
Collingswood, NJ

General Contractor
Delran Builders Co., Inc.
Wyndmoor, PA

Management
Pennrose Management Company

The Challenge

Founded in 1642, Chester is the oldest city in Pennsylvania. For over 300 years it was a prosperous community that refined oil and manufactured machinery, metal, locomotives, ships, and textiles. The strength of its industrial base fueled measured population and employment growth during boom years and a disheartening disinvestment and attrition during down cycles. When unemployment, crime, and the corollary demise of many homes began to overtake the city in the late 1980s and early 1990s, Pennrose recognized that redevelopment of Chester presented a business opportunity with a myriad of positive social possibilities. It was within this context that Pennrose acquired a row of vacant homes on one side of Fifth Street. Their rehabilitation was to create affordable homes for families.

The Solution

With over three decades of experience in the affordable housing industry, Pennrose understands the wide range of available financial resources. In this instance, a combination of Low Income Housing Tax Credits, City of Chester Community Development Block Grants from the US Department of Housing and Urban Development, and Pennsylvania Housing Finance Agency capital was put to work to substantially reconstruct and rehabilitate 22 dilapidated row homes. The development team designed a mix of two-and three-bedroom apartments that created decent housing and a quality-living environment that was affordable for families. Each home had a living and dining room, fully equipped kitchen and up-dated mechanical, plumbing, electrical, fire and security systems. While making twenty-first-century improvements, the original nineteenth-century character of the buildings was retained. The covered front porches, front steps with landscaping, wrought-iron railings, and wooden banisters set against the clean brick façade and new white sidewalks brought an immediate sense of cohesiveness to the neighborhood. The architectural integrity produced a strong positive social statement that promised to elevate the well-being of the neighborhood as a whole.

The rehabilitation and revitalization of the Fifth Street Apartments underscores the Pennrose ability to create affordable housing that builds confidence within a community. These are apartments that residents are proud to call home. The Fifth Street Apartments are owned, managed, and maintained by Pennrose.

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