Governor Wolf Announces New State Funding for Development of Mixed-use Building on Vacant Lot in West Philadelphia
February 16, 2018
Philadelphia, PA – Governor Tom Wolf today joined state and local leaders for the official groundbreaking ceremony of the future home of New Market West, a hub for retail and community services for distressed communities in West Philadelphia. While on site, the governor announced the approval of $10.5 million in tax credits to support the project, accompanying the state’s $5 million Redevelopment Assistance Capital Program investment announced in December.
“This project will turn a vacant lot into a centerpiece of this community – giving our families a place to get access to critical services,” said Governor Wolf. “The strength of this project is the partnerships between groups that will bring much needed educational, workforce development, and other services to this building to assist people and families living in the area and I am proud that the commonwealth has invested the New Market West project.”
The New Market West project includes the construction of a four story, 135,700 square foot hub for retail and community services on a 1.5-acre vacant site near the 60th and Market Street El stop in West Philadelphia. The building will bring high quality early childhood education; workforce development, educational and emergency support services; behavioral health services; and community-serving retail to this transit-accessible location.
This project is expected to create 120 temporary full-time construction jobs. The project’s construction costs are expected to support 135 indirect and induced jobs. Additionally, once completed, the project will create 94 full-time permanent jobs and retain another 263 positions. Activity at the new building is expected to provide $1.385 million in new state and local taxes.
New Market West is a joint venture between Mission First Housing Group and Horizon House, two organizations with a long history of creatively using their expertise in affordable housing and human service delivery to make a difference to people in need across Philadelphia. Now, with the strength of community-based partner ACHIEVEability, the organizations have an opportunity to bring this work to the Haddington-Cobbs Creek community.
“Mission First is grateful to Governor Wolf for his leadership and his strong support of New Market West,” said Alfredo de la Pena, CEO, Mission First Housing Group. “This unique development is a testament to the power of nonprofit partnerships. Mission First, Horizon House and ACHIEVEability are excited to break ground today on New Market West, which will be a game-changer for West Philadelphia and will serve as a springboard for further revitalization in this community.”
The project is supported by a $5 million RACP grant and $10.5 million in New Markets Tax Credits through the Pennsylvania Housing Finance Agency.
“This New Market West project is taking an empty city lot and transforming it through this construction into a terrific resource for people in the surrounding neighborhoods,” said Brian A. Hudson Sr., CCG chair and executive director of the Pennsylvania Housing Finance Agency. “We’re hopeful that nearby families will not only take advantage of its many services but will embrace the facility as a community meeting place.”
Construction on New Market West is expected to be complete by fall 2019.