Wednesday, April 24, 2013
Philadelphia developer D3 introduces affordable housing for teachers
That's right, you heard me correctly.
Affordable housing is coming to Kensington, with about 60% of the units reserved for teachers/educators only, and another 20% reserved for other low-wage earners. It will be called Oxford Mills.
Cool concept, and more positive news for development in Kensington (which seems to be on fire, as of late).
For the most part, affordable housing in the US is typically geared toward those who are disabled, elderly, and/or qualify as low-income; and rightfully so. It's not everyday that you hear about an affordable housing project designed primarily for educators, and those who have recently graduated from college with a degree that will most likely start with lower-than-average wages; or as stated in the article, "newly minted professionals."
But, it's happening; and it's happening in Philadelphia.
D3 is looking to deliver loft-style units with exposed beams, high ceilings, large windows, and an architecturally pleasing facade. You know, the kind of units that fetch high rents in Philadelphia's growing neighborhoods. The best part is that they will be about 25% cheaper than comparable apartments (to those who qualify), which will compensate for the income level of its residents.
This building also plans to set aside about 40,000 sq ft (close to SEPTA's public transportation; Hello, TOD) to house offices for start-ups, non-profits, and a new HQ for Teach for America.
Overall, this project gets a thumbs up from me.