March 30, 2018

Categories: NMTC,

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On February 16, Mission First Housing Group, Horizon House, and ACHIEVEability hosted a groundbreaking ceremony at the site of their newest development, 5901 Market Street, “New Market West”.  The ceremony was attended by both city and state officials, as well as leadership from the partnering organization.  PIDC is proud  to be one of the funding partners who have come together to help finance this transformational project with New Markets Tax Credit (NMTC) allocation.

New Market West is a four story, LEED certified 90,000 square foot commercial building that will create a hub for retail and community services near the 60th and Market Street El stop in West Philadelphia on a 1.5 acre vacant site.  New Market West will bring high quality early childhood education, primary health care, support for previously homeless single parent families, behavioral health services,  and community-serving retail to a transit-accessible location together with affordable rental housing (later phase) in neighborhood deeply in need of these services.  The New Market West redevelopment will be replacing existing empty homes, a closed gas station and a parking lot.  The first phase is set to be completed by fall 2019.

At the top of the proposed new construction building will include top floors of 90,000 square-feet of office space, as well as a rooftop green space.  At street level, the building will boost commercial real estate and 80 parking spots beneath the building.  The project is projected to add and retain over 300 jobs to the community.

At the groundbreaking ceremony, Governor Wolf praised the project as it will have an “outsized impact on this community” and “turn this vacant lot into something that is actually a prize of the community, a centerpiece.”  The corridor saw a decline in business activity and vitality during the ten-year renovation of the Market Frankford Line.  However, officials are optimistic that this tax credit-subsidized develop will give new life to the businesses and community once here.



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