Real Estate Development

Esperanza is about renewing lives through hope. Our real estate development projects are part of that renewal. Using housing and economic development grants, we have made great strides in transforming neighborhoods through new construction and rehabilitation of run-down residential and commercial properties.

Residential Development: New Home Construction and Rehabbed Homes
Nothing generates and stimulates excitement like new home construction. It says that a neighborhood is alive and well. It changes the landscape. It brings hope, especially in areas suffering from neglect and “old age.”
Esperanza has purchased land in North Philadelphia and built new single-family homes and rehabbed dozens of other homes inside and out for lower-income families. We have helped over 700 families obtain a first mortgage, resulting in nearly $80 million of new financing coming into our neighborhoods.

Commercial Development
Esperanza located our headquarters in what was formerly an old factory building. Today it houses our offices as well as Esperanza initiatives such as the Esperanza Academy Charter High School, Esperanza EARN Center, Esperanza College of Eastern University and the PA CareerLink. It is also the home of several businesses that serve our Hispanic community. We plan to continue developing this 300,000 square foot facility that is now a thriving hub of activity.

Rite-Aid is one of our success stories. We purchased a run-down property, demolished the existing structure, and attracted Rite Aid to build a new store. Our local community has greatly benefited from this, not only for having access to this national retail giant store but also for the jobs it created.

Nearly 700 students attend the Esperanza Academy Charter High School, which is located in a large building we rebuilt and renewed to provide an environment that will inspire learning for decades to come. It is an exceptional asset for the whole community.

One commercial development that addressed the immediate need of the neighbors surrounding Esperanza’s headquarters was the construction of a full service laundromat in North Philadelphia. The Second Street Laundromat was built on a once-drug-infested lot; today it is a thriving business.

We plan to continue developing neighborhoods, breathing new life not just into bricks and mortar but also into the men, women, and children who work and live there and rejoice as they see their communities come alive.