Apartments at 40th Street Place

The Apartments at 40th Street Place is a new construction, scattered-site affordable housing development located along North 40th Street in the Mantua and Belmont neighborhoods of West Philadelphia. Situated within the West Philadelphia Promise Zone and the Mantua Redevelopment Plan Area, the project responds to escalating development pressure and rising housing costs driven by nearby institutional expansion and market-rate investment. Developed by North 40th Street LP, a joint venture between Mt. Vernon Manor and the People’s Emergency Center Community Development Corporation, the project is designed to stabilize the 40th Street corridor by transforming long-vacant and blighted parcels into permanently affordable housing for low-income residents.

The development will consist of nine three-story residential buildings totaling approximately 50,125 gross square feet and 40 rental units. The unit mix includes 11 one-bedroom units, 20 two-bedroom units, and 9 three-bedroom units designed to accommodate large families. All units will be income-restricted, with affordability structured to serve households across a range of low-income levels. Ten units, representing 25% of the total, are designated for residents with special needs, including four units affordable to households at or below 20% of Area Median Income and referred through the City of Philadelphia’s Supportive Housing Clearinghouse. Additional accessible units are designed for residents with mobility, hearing, and visual impairments. Long-term affordability is supported through the use of project-based rental assistance, ensuring housing stability for vulnerable populations.

The Apartments at 40th Street Place plays a critical role in countering displacement in a corridor experiencing rapid appreciation in property values and rental rates. The project fills in vacant lots along North 40th Street with architecture that reflects the surrounding rowhouse context while meeting modern sustainability standards, including Reduced HERS and Enterprise Green Communities certification. Residents will have access to a community room, on-site management and supportive services space, and proximity to public transportation, employment centers, retail, and major roadways. Supportive services will be provided by People’s Emergency Center to promote resident stability, self-sufficiency, and access to essential resources. Through coordinated planning, community support, and a mission-driven development partnership, the project strengthens the long-term affordability and livability of the Mantua and Belmont neighborhoods.

Stone Sherick Consulting Group’s Role

Stone Sherick Consulting Group provided development consulting services for the Apartments at 40th Street Place, including assistance with project planning, budgeting, financing coordination, and support through the public funding and implementation process.