After a bit of a bidding war emerged for large plot of land in North Philly, some of which was originally intended for an affordable housing project, a bankruptcy judge is set to approve the sales of a portion of the properties to Project HOME.
On Tuesday, U.S. Bankruptcy Judge Magdeline D. Coleman said she would approve the sales of the now-bankrupt North Philadelphia Health System’s properties at Eighth Street and Girard Avenue for a combined $10.25 million, according to the Inquirer. Ironstone Real Estate Partners will acquire the majority of land for $8.5 million, while Project HOME will pay $1.7 million for additional parcels.
In a statement to Curbed Philly, Annette Jeffrey, Project HOME’s vice president of development and communications said, “We are deeply grateful for this outcome.”
For years, Project HOME has had plans to build an affordable housing project geared toward at-risk LGBTQ youth on the site. The non-profit organization had already raised $13.5 million from state grants, the city, and private money. But multiple bids came in for the properties in June, forcing the site to go to bid on August 11.
Securing the property will allow Project HOME move forward on its two-phase project. The first phase will include 30 units of LGBTQ-friendly permanent housing for formerly homeless youth and those at risk. It will be the only housing of its kind in Pennsylvania, according to Jeffrey.
The second phase will include 40 units of affordable housing for formerly homeless adults.
Said Jeffrey, “Though Philadelphia is the poorest of all the major cities, we have the greatest chance to be the first major city to end and prevent homelessness. This victory brings us one step closer to achieving that goal."
The properties acquired by Iron Real Estate Partners will continue to function as a health and drug treatment centers.