After weeks of potential roadblocks, planning is again moving forward for an LGBT-friendly youth-housing facility.
At a bankruptcy hearing last week, North Philadelphia Health System selected Ironstone Real Estate Partners’ $8-million bid for its defunct Girard Medical Center and adjoining properties. As part of the deal, Project HOME will pay $1.75 million to purchase two parcels — one for an LGBT-friendly youth residence and the second for a future residence for adults and youth.
Ironstone’s bid wasn’t the highest — another company offered $10 million — but the winning offer came with no conditions on the sale.
Project HOME had been slated to break ground on the first building earlier this year but NPHS declared bankruptcy at the end of 2016, casting doubt on the project’s future. A judge earlier this summer exempted NPHS from its sale agreement with Project HOME and allowed the matter to proceed to the bankruptcy hearing. At the time, Project HOME told PGN it had already invested $700,000 on environmental consultants, engineers, architects and attorneys relating to the project.
The LGBT-friendly housing will feature 30 units for young adults at 1315 N. Eighth St. The project has a price tag of about $13 million, and Project HOME has lined up millions in city and state grants, tax credits and bond financing.