First phase of 1,000-unit West Philadelphia development pushes ahead

Dated: November 24 2024

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Two New York developers are pushing ahead with the first phase of redeveloping a long blighted and vacant 12-acre site in West Philadelphia. Their plan is to eventually renovate and build a total of 1,000 residential units, creating a major mixed-income housing development just west of Drexel University. The first phase of MSquared and LMXD’s Westpark development is planned to include 327 units across three buildings. The 12-acre property is at 4401 Holden St., just north of Market Street and next to Drexel's Vidas Athletic Complex. It’s the site of Philadelphia Housing Authority’s Westpark Apartments, which featured three high-rise, public housing buildings built in 1964 that have long been in need of repair. The high-rises are planned to be renovated as part of the project. Of the 327 units planned in the first phase, 190 would be income restricted for households earning between 20% and 80% of the area median income, a spokesperson for the developers said.
Source: Philadelphia Business Journal; 10/24/2024

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Pete McGuinn

Pete McGuinn - Your Trusted RE/MAX Main Line Real Estate Expert With over 22 years of experience as a full-time REALTOR® at RE/MAX Main Line, Pete McGuinn is a distinguished real estate professional....

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