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$20 Million Student Housing Development at Temple University Continues Community Transformation

Project Brings Jobs, Revenue and Revitalization to North Philadelphia Neighborhood

 
PRLog - Oct. 31, 2011 - PLYMOUTH MEETING, Pa. -- Diamond Green, a $20 million project that will bring new student housing, commercial space and jobs to North Philadelphia, is now underway.

Community leaders joined the development team, a partnership of Orens Brothers Real Estate, Inc., Mosaic Development Partners, LLC and Metamorphosis Community Development Corporation, in breaking ground on October 28. Diamond Green includes 96 fully-furnished, student-oriented apartments, a delicatessen and supporting retail space at 10th and Diamond streets. The project will transform a vacant lot into a cornerstone of the effort to improve the neighborhood surrounding Temple University.  

A portion of the income from Diamond Green will be reinvested in the Temple area community to improve existing housing options and to create more affordable housing. This supports Metamorphosis’ goal to improve the Temple community.

“This is a historic project for Metamorphosis,” said Metamorphosis CDC President Al Lowry, Jr. “Diamond Green makes an immediate improvement to our neighborhood, creates a long-term revenue stream and provides jobs for residents in our community.”

Diamond Green, a mixed use development, is across from Temple University’s practice football field and adjacent to the Temple Regional Rail Station, the fourth busiest in the city. The building will measure 126,000 square feet with 96 fully-furnished, student-oriented apartments with balconies and kitchens and private bedrooms for each student. When completed, it will be the largest wood-framed, modular-constructed building in Philadelphia.  

The building will have indoor and outdoor amenity space for students, laundry facilities, 24-hour security, secure bicycle racks and limited private parking.  Plans also include 12,000 square feet of commercial space on the first floor, intended for a full-service deli and other supportive retail.

“Diamond Green beautifies the area, provides highly desirable housing and accelerates a community-driven partnership to improve the area surrounding Temple University,” said Greg Reaves, a principal in Mosaic Development Partners.

The project will generate hundreds of jobs, with a focus on hiring from the local community.  When complete, local community members will also work on site in areas of maintenance, staffing and administration.

“We are very proud of Diamond Green,” said Guy Orens, a partner at Orens Brothers Real Estate. “It represents a unique approach to investing in a community while developing a first-class project that will benefit the neighborhood for decades.”

Project financing is being provided by Fox Chase Bank and 3rd Federal Bank. The development team also secured nearly $7 million in private equity.

About Orens Brothers
Founded in 1979, Orens Brothers Real Estate, Inc. is a privately-owned real estate, development and construction family business headquartered in Philadelphia. Orens Brothers’ mission is to provide a quality finished project through its highly professional and expert staff in redevelopment and development in the Philadelphia region. Learn more at http://orens.prospectportal.com/

About Mosaic Development Partners
Mosaic Development Partners, LLC is a Philadelphia-based commercial real estate development company founded in 2008. Mosaic develops large-scale projects in both urban and suburban locations in the Mid-Atlantic region. Mosaic’s goal is to assist in revitalizing communities by partnering with well-established developers, not-for-profit organizations and government entities. Learn more at http://www.mosaicdp.com/

About Metamorphosis Community Development Corporation
Metamorphosis Community Development Corporation is a not-for-profit organization founded in 2005. The local community development corporation focuses on the healthy growth and enrichment of low-income, African-American communities surrounding Temple University’s campus.

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Source:GaileyMurray Communications
Zip:19462
Location:Plymouth Meeting - Pennsylvania - United States
Industry:Construction, Real Estate, Education
Tags:Real Estate, construction, community development, student housing, Education
Shortcut:prlog.org/11711506
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