Jefferson Square Revitalization
Capital Access developed the Jefferson Square Revitalization Plan for a blighted 4-block area in South Philadelphia. Serving as project manager, Capital Access built and sold 93 new homes to mixed-income homebuyers. Capital Access secured investment of $24 million that resulted in:
- 140 demolished blighted properties
- 285 acquired parcels all within 4 city blocks
- 93 homes developed of which 30 were sold to low and moderate-income buyers and 63 sold at market rates without income restrictions
- 21 existing homeowners were able to purchase new homes without temporary relocation through an innovative Voluntary Existing Homeowner Relocation Program.
All homes sold out in five days. New home values increased by 50% within 2 years of construction and did not decrease during the Great Recession. Jefferson Square won the William Penn Award of Excellence from the Builders Industry Association and Forbes Enterprise Award.