The Tioga neighborhood in North Philadelphia is the site of a plan by TPP Capital Management Co-Founder Anthony Miles with the intent to transform the neighborhood with new residential units, retail space, and street improvements. Miles is planning to utilize a $675,000 loan from the Philadelphia Accelerator Fund to accomplish his vision. The Philadelphia Accelerator Fund is a city-backed reserve of $10 million that is dedicated towards helping black real estate developers.
Overall, TPP Capital Management has plans to create 1,400 new residential units, around 172,000 square feet of retail properties, and over 92,000 square feet of general improvements to the streets in the area. The first residential units to be built are planned to be an affordable housing complex with 88 units. These are envisioned to house healthcare workers and college seniors, and will be located blocks away from the Temple University Hospital. Miles was quoted as saying that securing the funds from the loan was “crucial” to begin work on this complex, and that, “The first dollars are the hardest to attract”. These housing units are expected to be completed by the summer of 2025.
According to TPP Capital Management, this is the first step in overhauling the neighborhood to become a hub of wellness in North Philadelphia. The company has performed a study that has revealed that the primarily black residents of the neighborhood would significantly benefit from this, as 45% of the residents have high blood pressure, 43% are classified as obese, and 77% have issues with high cholesterol levels.
As the plans for the neighborhood continue to grow in scope, the accelerator funds continue to accrue. TPP Capital Management is one of many developers that has been pre-approved for around $3 million in accelerator funds, with their next goal to raise $100 million for future projects in the area. Overall, Tioga is looking to be a promising neighborhood for plenty of development.
More information found in | “Philly developer gets funds to kickstart plan to transform Tioga” | Isaac Avilucea