A long-vacant church on North 33rd Street in Philadelphia’s Strawberry Mansion neighborhood is about to get a serious second act. Developers plan to turn the shuttered sanctuary into 44 affordable workforce apartments, keeping the century-old structure standing while carving out 29 one-bedroom units, 14 two-bedrooms and a single studio. Construction is expected to kick off this summer.
Funding and partners
The deal is being fueled largely by equity from the 481 CEI-Boulos Impact Fund, a $25 million real estate impact fund managed by CEI-Boulos Capital Management and backed by TD Bank. The fund is designed to help TD meet its Community Reinvestment Act obligations and support neighborhood-scale affordable housing projects, according to CEI.
Units, affordability and timeline
Once finished, the former church will hold 29 one-bedroom apartments, 14 two-bedrooms and one studio, with every unit rent-restricted for households earning less than 80% of the area median income. For an individual tenant, that works out to roughly $68,750. The $10 million redevelopment is privately financed, with most of the money coming from a conventional construction loan and about $3.4 million tied to the TD-backed impact fund. Select Redevelopment says work is expected to start this summer, as reported by WHYY.
Neighbors and the building's past
The building now known as Cornerstone Baptist started its life as a synagogue in 1925 before becoming a church that served local residents for decades, only to sit empty for more than five years. "The units on North 33rd Street will help diversify the neighborhood's housing stock while preserving a beloved building," Tonnetta Graham of the Strawberry Mansion Community Development Corporation told WHYY.
Purchase, price and next steps
Select Redevelopment picked up the century-old property in April, with city records showing a sale price of about $1.2 million, according to Bisnow. CEI reports that the project will lock in affordability on many units through deed restrictions, accept Philadelphia Housing Authority Housing Choice Vouchers, and aim to meet newer energy-efficiency standards.
In a neighborhood where more than half of renters are considered cost-burdened, the development is being pitched as an attempt to stabilize housing while saving a familiar landmark within walking distance of Fairmount Park. Community members and local groups say they will be watching closely as construction starts and leasing plans roll out.
