Asociacion de Puertorriquenos en Marcha (APM), in association with co-developer Jonathan Rose Companies, has broken ground on $47.2 million Paseo Verde in Philadelphia, Pennsylvania.
The Paseo Verde project will be developed in close proximity to Temple University Regional Rail Station. Scope of the project involves construction of 120 residential units (which will be a mix of affordable and workforce housing) and 30,000 square feet of commercial and retail space. Construction will be done in strict compliance with environmental principles. The building will feature both green and blue roofs. The project will have permeable paving to prevent wastage of rain water. Paseo Verde will meet some of its power requirements by means of green power generated on-site by solar panels. Additional green features include water gardens, and usage of recyclable and renewable materials. The material used in the development will prevent environmentally triggered health conditions. The scheme is targeted for both LEED for Homes and LEED for Neighborhood Development certifications. Construction is scheduled for completion in the first quarter of 2013. The developers have secured $520,423 from the Federal Home Loan Bank of San Francisco under the provision of its Affordable Housing Program (AHP). The grant was financed through Bank member JPMorgan Bank & Trust Company.