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Pennrose Properties, LLC breaks ground on Wynne Senior Residences in Overbrook
December 16, 2015
Pennrose Properties, LLC and Wynnefield Overbrook Revitalization Corporation (WORC) officially celebrated and recognized the start of construction of Wynne Senior Residences today at a groundbreaking ceremony.
Wynne Senior Residences, a 51-unit apartment building for seniors in West Philadelphia, will be built on the site of the former Wynne Theater, which had fallen into disrepair. The theater will be demolished with signature architectural elements from the original building incorporated into the new structure.
“This development is key to West Philadelphia and will provide much needed quality and affordable housing for seniors.” said Mayor Michael Nutter. “Wynne Senior Residences continues the revitalization of the Wynnefield community and will serve as a gateway to further development.”
“This project has tremendous support from the neighborhood and the City of Philadelphia,” said Harry Moody, developer with Pennrose. “It is a strategic reuse of underutilized land, and provides much needed residential and economic opportunities for existing and future residents of this community.”
The project consists of one and two bedroom units that will be affordable to seniors with incomes up to 60 percent of the Area Median Income.
The building will include a community room and commercial space. The commercial space will have neighborhood-focused businesses consistent with the economic development efforts that WORC has successfully accomplished.
Wynne Senior Residences will be built to Passive House and Enterprise Green Communities standards, which is expected to significantly reduce energy and utility bills for the community and residents. Outdoor amenities include a generous patio and private yard that are directly accessible from the first floor lounge. It will also offer covered parking for eleven cars, bike racks, and tree-lined green space.
"WORC is proud to be a partner in the redevelopment of the long vacant Wynne Ballroom into the new Wynne Senior Residences,” said Gerald T. Murphy, Executive Director Wynnefield Overbrook Revitalization Corporation (WORC). “While it will not only provide much needed senior housing, it will also serve as an economic catalyst for the revitalization of the 54th Street business corridor.”
Wynne Senior Residences will be in an area that has amenities that benefit seniors. Grocery stores, senior centers, public transportation, pharmacies, hospitals and more are only a short distance from the Wynne site.
The City is investing over $3.4 million dollars, and the project is receiving over $12.5 million in Low Income Housing Tax Credit Equity. Financing and project oversight are being provided by the Philadelphia Redevelopment Authority.