Pennrose Celebrates 10 Years in Philadelphia’s Brewerytown Neighborhood
August 26, 2015
August marks the 10 year anniversary of the visionary move of Pennrose’s corporate headquarters to the Brewerytown neighborhood of Philadelphia. The location, a former Acme Markets cold-storage facility, was selected as being consistent with the organization’s mission to positively transform neighborhoods. It serves as the home base for more than 70 employees that support Pennrose’s development and management activities ongoing in 11 states and the District of Columbia.
A total of 125,000 square feet of space was developed utilizing new market tax credits, historic tax credits and private bank financing. Two separate areas within the same block were developed by Pennrose into the corporate offices and The Lofts at Brewerytown, a 61 unit workforce housing apartment property.
“As the largest affordable housing developer based in Philadelphia, we felt compelled to have our corporate offices located in a neighborhood that matched the essence of our development and management activities,” said Richard K. Barnhart, CEO of Pennrose Properties, LLC. “We evaluated several locations for the office, but identified most with both Brewerytown and the space.”
The renovation for the offices took approximately nine months. The design goals for the space were to keep an industrial feel and include a hybrid of high tech elements. Key design features include exposed mechanicals, an open staircase, original concrete ceilings, large windows and a skylight that allows natural light to flow from the second floor throughout the space.
"For three decades Pennrose has been a valued corporate citizen of Philadelphia improving neighborhoods and the lives of our citizens. Ten years ago they made a bold decision and moved their corporate headquarters and staff to Brewerytown and paved the way for the area to become a sought after destination for businesses and residents alike,” said Darrell L. Clarke, president of Philadelphia City Council. "Pennrose has embodied in action what it means to do the right thing."
Since its founding in 1971, Pennrose has developed more than 1,600 units and 30 communities in the City of Philadelphia, 22 of which were rehabilitation developments of existing structures. The organization employs nearly 400 people throughout the eastern half of the United States, approximately 185 of whom are employed in the Greater Philadelphia area. In the 10 years since Pennrose made its move to Brewerytown, the company has expanded its development and management activities to an additional five states and the District. Today, Pennrose has grown to be one of the largest affordable housing developers and managers in the country having developed more than 200 communities and 15,000 units.