Philly developer gets funds to kickstart plan to transform Tioga
A local real estate developer's ambitious plan to transform the Tioga neighborhood in North Philadelphia is one step closer to becoming a reality.
Driving the news: Anthony Miles of TPP Capital Holdings is getting a $675,000 loan from the Philadelphia Accelerator Fund, a $10 million city-backed pot dedicated toward helping Black and brown developers.
- In all, TPP Capital hopes to develop 1,400 residential units, 172,000 square feet of retail space and 92,000 square feet of street improvements, the Philadelphia Business Journal reported.
What they're saying: Miles told Axios the funds were "crucial" to begin work on an 88-unit affordable housing complex, geared toward health care workers and seniors just blocks from Temple University Hospital.
- "The first dollars are the hardest to attract," said Miles, who has also helped develop apartments in the city's Francisville neighborhood where he grew up. "We would have got the money but it would have been a harder lift."
Details: The condominiums have an anticipated completion date of June 2025, Miles said.
- They're the first phase in a larger "transformation" of Tiago that'll bring a sprawling wellness hub to the neighborhood, Miles said.
- It's much needed as about 45% of residents in the mostly Black neighborhood have high blood pressure, 77% have high cholesterol and 43% are obese, according to TPP Capital.
The big picture: So far, TPP is among about half a dozen developers that have been pre-approved for about $3 million in accelerator funds, said Mohamed Rushdy, board chairman of the Accelerator Fund. That accounts for about 200 homes across the city.
- The hope is to raise $100 million in accelerator funds for future revitalization.
- "We're going to aggressively get more of these funds as we start getting loans out the door," Rushdy said.
Editor's note: This story has been corrected to show the firm's name is TPP Capital Holdings, not TPP Capital Management.
More Philadelphia stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Philadelphia.