Philadelphia-based Alterra and the Philadelphia Housing Authority (PHA) are finally starting construction on the 121-unit, mixed-income and mixed-use development in Rittenhouse Square. After a decade of planning and a host of design changes, the 14-story project is scheduled for a mid-2028 completion. “This is a flagship development,” PHA CEO Kelvin Jeremiah said of the agency's first Center City housing project. The development is estimated to cost around $62.5 million, Jeremiah said. Nearly the entire project is funded through the U.S. Department of Housing and Urban Development⁠. The City of Philadelphia is contributing $2.5 million. The development has a planned mix of 60% affordable and 40% market rate.
Source: Philadelphia Business Journal; 10/21/2026