Reinvestment Fund is helping Mission First Housing Group fund a 95,000 square foot mixed-use commercial/retail space located in West Philadelphia.
The New Market West development is a four story, LEED certified commercial building that will create a hub for retail and community services, conveniently located near the 60th and Market Street train station in West Philadelphia. The New Markets Tax Credit project is co-owned by Mission First’s affiliate, 1260 Housing Development Corporation, and Horizon House, a regional nonprofit behavioral health provider.
Horizon House will locate its headquarters in the new building along with facilities for expanded behavioral health services. Horizon House, which will occupy approximately 55,000 square feet of the space, will bring 200+ employees to the location, which is expected to directly benefit local businesses. The project will also bring high-quality early childhood education, operated by Montgomery Early Learning Center (MELC), and neighborhood office space for ACHIEVEability, Mission First’s neighborhood-based affiliate. MELC’s facility is expected to serve 100+ infants, toddlers and preschoolers and employ 20 people.
The building will also include event and retail space. In addition to the NMTC project, MF is planning to develop an affordable residential project at the same site, which will create 35 rental units available to those making no more than 60% area median income.
New Market West is expected to reverse disinvestment along the West Market Street corridor, strengthening a critical stretch where the currently vacant site sits. Reinvestment Fund’s loan will support predevelopment costs for the NMTC project.