Real Estate Development

Esperanza has continuously demonstrated the capacity to complete transformative housing and economic development projects, including: 

• Development of a community laundromat, in response to resident requests 

• Acquisition and improvement of a vacant lot at 4431-33 N. 5th Street to create La Cosecha Latina community garden 

• Conversion of a blighted former factory and school building at the gateway of Hunting Park’s 5th Street Corridor into the Roberto Clemente Homes, a Low-Income Housing Tax Credit project with 38 units of affordable rental housing and 5,500 square feet of commercial space, housing a bank branch and federal Head Start daycare center. 

• Acquisition and development of Esperanza’s 17-acre site which includes more than 300,000 square feet of office, programmatic, educational, and performing arts spaces; 

• Construction of a Rite Aid pharmacy on a 2.2 acre, previously vacant lot on North 5th Street, bringing the first national employer to the neighborhood  

• Rehabilitation of more than 100 homes for affordable rental or sale 

• Completion of a 20-unit critical repair project for low-income homeowners in partnership with Habitat for Humanity of Philadelphia 

• Development of five apartment units for senior citizens 

• Creation of the Amor project at 4615-21 North 5th Street (in process), a mixed-use project which will have 8 units of affordable rental housing and 5,000 square feet of new commercial space, replacing 4 dilapidated, vacant buildings. 

• Establishment of an affordable rental housing land trust, which today contains 24 units and counting for those at 60% HUD area median income or below. The units would remain perpetually affordable to families who need it, serving as a buffer against displacement and a source of neighborhood stability together within a thriving economic corridor and cultural district. 

• Acquisition of the former Modern Age furniture store (future site) located on the 4600-4700 block of North 5th Street for a mixed-use project with affordable rental units and commercial spaces.