2014 ULI/Butcher Multifamily Housing Forum--Paul Freitag

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The document discusses the Paseo Verde development project in Philadelphia, PA. Paseo Verde is a transit-oriented development near Temple University that focuses on green infrastructure and LEED certification. It includes both affordable and market-rate housing, as well as retail/commercial space. The project has received political and community support, partnerships with public agencies, and significant public subsidies. It serves as a demonstration for green and transit-oriented development strategies.

Real Estate Business

ULI/Carolyn and Preston Butcher
Forum on Multifamily Housing
January 16, 2014

Jonathan Rose Companies

Mayor Nutter

Phila2035

Trid Master Plan (by Interface)

Temple University

Jonathan Rose Companies

Temple Regional Train Station

Green Streets

Green City, Clean Water

Jonathan Rose Companies

GREEN INFRASTRUCTURE &
BUILDINGS

Paseo Verde TOD

Jonathan Rose Companies

Key Project Elements
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Demonstration project for TOD and green development
Focus on green infrastructure and LEED ND

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Not 100% affordable housing
Need to include market rate housing in challenging market

•

Not 100% (undergraduate) student housing

•

Requirement to include a significant retail/commercial program

Jonathan Rose Companies

Paseo Verde, Philadelphia, PA

Jonathan Rose Companies

Lessons

Strengths

• Location- Location –Location
• First Transit Oriented Development in Philadelphia

• Political Will
•
•
•
•
•

Community Support
Strong partnership: APM/JRCo
Public /Private Partnerships and Investments
Significant Subsidies from City and State
Pre-leased 7,600 square feet of space to a community
medical center, 15,000 square feet for office space for
APM, 1,500 square feet for a pharmacy.

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