PHA and Westrum Development Agree to Historic Deal - Will Bring New Market-Rate Housing to East Falls

PHILADELPHIA, Jan. 19, 2005 /PRNewswire/ -- The Philadelphia Housing Authority and Westrum Development Company have agreed to a $2.8 million deal that will bring new market-rate homes to the East Falls section of Philadelphia, officials from both companies announced today.

Westrum is buying a section of PHA's former Schuylkill Falls housing development. PHA has already developed 135 affordable rental homes on the lower portion of the site and will build 28 affordable houses for sale. The parcel purchased by Westrum sits on the top portion of the picturesque hill overlooking Kelly Drive.

PHA Executive Director Carl Greene calls the arrangement historic and unique. "For the first time, PHA has divided one of its properties so that residents of affordable housing can live side by side with market-rate homeowners. Our mission at PHA is to rebuild communities, and joining with a top quality developer like Westrum ensures that outcome at Falls Ridge," said Greene.

Established in 1987, Westrum Development Company focuses its efforts in urban revitalization and suburban land development throughout the Philadelphia metropolitan area, including New Jersey. The company has also entered the national marketplace with a massive, mixed-use re-development project consisting of 275 acres of lakefront property in Chicago. A recognized leader, President/CEO John Westrum and his team of professionals believe in the revitalization of urban areas and suburban boroughs - one neighborhood at a time - through responsible re-development practices.

"Our projects exemplify Westrum's commitment to urban revitalization," affirms John Westrum. "Our ability to see the details through and partner with firms who complement our profile, along with our relationships with city, community, and environmental organizations, have enabled our company to play a key role in large-scale, re-development projects that will transform urban areas of blight into thriving neighborhoods."

PHA has been on a billion-dollar building boom since 2000 in a program that by the end of 2006 will have accounted for 3,000 new homes and 3,000 completely renovated homes. Carl Greene says his agency will use the $2.8 million from this sale to build more affordable housing elsewhere. "As private developers continue to build new houses in Philadelphia, PHA will continue building the finest affordable housing in the nation. We constantly look for opportunities to turn distressed neighborhoods into neighborhoods people want to call home," he said.

The arrangement between PHA and Westrum fulfills a commitment PHA made to the residents of East Falls to create a balanced community on the site. Greene said PHA selected Westrum because of that company's proven commitment to urban development. Currently, Westrum has three new home communities in the Packer Park section of South Philadelphia and opening this spring, is Brewerytown Square, 144 newly constructed town homes at 31st Street and Girard Avenue.

For more information on Westrum Development Company and its communities, call 215-283-2190 or visit http://www.westrum.com/. For more information on PHA call 215-684-4000 or visit http://www.pha.phila.gov/.