The Riverwards Group last week held a groundbreaking ceremony for its newest residential community, Somerset Station, 2200 E. Somerset St.
The first phase will be 220 units of a 535-unit residential community.
“I am thrilled that Philadelphia is home to Pennsylvania’s first energy-efficient C-PACE multifamily project,” said Emily Schapira, president and CEO of the Philadelphia Energy Authority, the C-PACE administrator for Philadelphia. “With this project, we reached the mark of over $100 million of C-PACE investment in Philadelphia to improve building performance, save money and create good-paying, local jobs.”
Others at the ceremony included Mayor Jim Kenney, City Council President Darrell Clarke and Councilman Mark Squilla.
“Every resident, no matter their ZIP code, deserves access to stable affordable housing, safe clean streets and neighborhood assets like parks, recreation centers and libraries. It is wonderful to see developers have a commitment to be part of the affordable-housing solution, and I want to recognize Riverwards Group for making sure everyone has a chance to live in safe, quality homes,” Kenney said.
The project was made possible, in part, through financing from Citizens.
Mo Rushdy, a managing partner of Riverwards Group, said, “It’s not easy to get transformational projects, like Somerset Station, to come to fruition financing wise. Without CRE funds financing from Citizens and C-PACE funding, we wouldn’t be here today. Riverwards Group has always taken it upon itself to balance development in up-and-coming neighborhoods and make sure that its projects help bring the best out of these neighborhoods and contribute responsibly to its advancement.” ••