From left: Procida Funding CEO Billy Procida, DAS Architects Partner Morris Clarke, Red Rocks Group Managing Partner Forrest Passerin, Red Rocks Managing Director Ethan Fellheimer, Intercultural Family Services Board Chair Maria Pajil Battle and Fulton Bank’s John Lipiros were on hand May 4 to break ground on a new mixed-use project at 4254 Chestnut St. in Philadelphia. Plans for the site call for 128 apartments and 36,000 square feet of office space for Intercultural Family Services Inc. — Courtesy: Procida
By Joshua Burd
Procida Funding is marking the start of a project that will bring 128 new apartments and office space for a local nonprofit to a West Philadelphia neighborhood.
The firm, which is based in Englewood Cliffs, joined client Red Rocks Group on Wednesday to break ground on the 148,000-square-foot development at 4254 Chestnut St. Procida has provided the developer with $9.3 million in preferred equity financing, helping spur a project that will serve as a home for the organization known as Intercultural Family Services Inc., a fixture in the neighborhood for more than four decades.
The remaining five floors will house a mix of studio, one-bedroom and two-bedroom rentals, which will have a separate entrance. DAS Architects designed the project, while Franjo Construction will spearhead construction.
“At Procida Funding we are all about investing in communities,” Procida Funding CEO Billy Procida said. “That’s what makes this project so special. DAS and Red Rocks are the best in the business — they knew this wasn’t just about building new apartments. It’s about building something that gives back to the community through Intercultural, providing vital services for decades to come.”
Fulton Bank is also supporting the project with a $26.5 million senior construction loan.
“Being able to transform what is essentially a vacant lot into a development that not only provides housing to the West Philadelphia area but also social services to those in need is a tremendous asset to the community,” said Ethan Fellheimer, managing director of Red Rocks. “We are proud to work together with all our partners in making this a reality.”
Intercultural has provided behavioral health, community enrichment and prevention services for more than 40 years to tens of thousands of children, youth, adults and families, according to a news release. Its will soon do so from its new 36,000-square-foot offices, which will house its staff, program participants and community members.
“The need for the work that Intercultural does has never been greater,” said Maria Pajil Battle, Intercultural’s board chair. “This groundbreaking represents strong, inspired and sustainable partnerships united under a single purpose, building hope and providing support and advocacy for our clients.”
As Procida noted, the project’s residential component will include a fitness room and lounge, while the building will also incorporate a roof deck, a green roof and an underground parking garage. Residents will enter from Sansom Street, while Intercultural’s entrance and main lobby will face Chestnut Street.
“The challenge of designing this unique mixed-use development was blending and adapting the two different functions of the property,” said David Schultz, co-founder of DAS Architects. “Providing Intercultural with the space and modularity that they needed was critical to the project, but more than that, its design was essential in conveying the message to the surrounding community a sense of excitement and optimism.”