The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) has officially commenced the $47.2 million Paseo Verde mixed use development project. A formal groundbreaking ceremony was held recently by the bank.
This project will form the basis of a redevelopment project for Philadelphia. FHLBank San Francisco has contributed to this project in the form of an Affordable Housing Program worth $520,423 through JP Morgan Bank & Trust Company. The project, which is being developed by Associacion de Puertorriquenos en Marcha and Jonathan Rose Companies will also provide healthcare and social services apart from affordable housing.
The Paseo Verde project is located adjacent to the Temple University Regional Rail Station and consists of 120 units of workforce and affordable housing and retail and commercial space covering an area of 30,000 sq.ft. The project has incorporated many green features which are targeted for certification from LEED for Homes and LEED for Neighbourhood Development. Green features of the project include permeable paving, use of renewable and recyclable materials, green and blue roofs, solar panels, water gardens and usage of materials which reduce the occurrence of asthma. Philadelphia Mayor Michael.A.Nutter and City Council President Darrell Clarke were among the dignitaries who attended the groundbreaking ceremony. The project is expected to be completed by the spring of 2013.
Source: http://www.fhlbsf.com