The Philadelphia City Council has approved the Philadelphia Land Bank's disposal of four parcels located at 708, 710, 714, and 723 N. Shedwick Street in the 3rd Councilmanic District. This resolution updates a previous project plan by allowing for a material change in the development, specifically an increase of more than 15% in building square footage per unit and a corresponding adjustment in unit sale prices. Despite the price increase, all units will remain affordable to households at the previously approved income levels. The land transfer adheres to requirements outlined in Chapter 16-700 and other applicable sections of The Philadelphia Code and supports the city's affordable housing goals.
This decision allows for more spacious, yet still affordable, homeownership units, enhancing quality of life for residents. It demonstrates Philadelphia’s commitment to adjusting development plans while maintaining affordability targets.