GRAYS FERRY, PHILA
gRAYS fERRY eDUCATION AND wELLNESS cENTER
This project begun with the acquisition of a formal Philadelphia School District building and adjacent warehouse. The former 4 story, 44,000 square foot school building has been completely rehabbed and redeveloped into a medical office and social services complex. The project is centered on non-profit entities who understand the needs of their clients better than anyone. Family Support Services (Elwyn) and Spectrum Health Services have been completing their missions since the 1980’s and 1960’s respectively. As non-profits, they must focus their limited resources on the services that they provide which makes it challenging to reserve capital for new centers in the neighborhoods that need them the most. The development team was committed to delivering the base building and tenant spaces to each operator at our expense, requiring no capital commitment from the tenants to construct their space. In order to achieve this, while keeping the rent as low as possible, the team was successful in compiled a complex capital stack including a New Market Tax Credit transaction, HUD 108 Funding and Green Energy credits. As a result of some creative reconstruction techniques the building has a 60% reduction in operation costs when compared to similar commercial buildings. Total Project cost was $11.5MM, the first tenant spaces were delivered in 2015 with full occupancy in 2016.