Summary: 84 apartments and town homes
Year Built: 2005-2007
Property was in significant disrepair and vacant five (5) years.
Prior environmental contamination required Endeavor to secure ACT 2 Release of Liability for residential.
School District proposed relocation of bus fleet to this location which angered residents of the surrounding neighborhood resulting in an action committee being formed.
Endeavor proposed a residential development of sixty (60) market rate townhomes which was permitted under existing zoning. Endeavor soon realized that regardless of a “By-Right” plan that significant changes would be required to reach a consensus with the neighbors.
The community desperately wanted affordable senior housing. Endeavor successfully acquired the necessary expertise through a joint venture with an affordable housing partner and secured housing investment tax credits that subsidized the development of a 53-unit senior apartment building. In addition to the senior rental building, Endeavor secured approvals for thirty-one (31) market rate town homes.
Endeavor needed to introduce a new ordinance amendment to the Lower Merion Zoning Hearing Board allowing for increased density in developments that provide a portion of the units as affordable.
Endeavor worked in conjunction with Lower Merion Township and School Board as well as Montgomery County to secure Tax Increment Financing (“TIF”) allowing five (5) of the market rate town homes to be offered for sale to first time income qualified families at more than fifty (50%) below market value.
The Seller (PECO Energy) was able to sell a deteriorating contaminated surplus property for an attractive price.
Endeavor worked cooperatively with local residents to help them realize their dream of finally removing an industrial eyesore from their residential community, and created a vibrant inter-generational mixed income residential community. Endeavor delivered on its promise to provide affordable senior housing, subsidized town homes for five (5) income qualified first time home buyers, and market rate town homes for the growing Township population..
Endeavor received a smart growth award from Montgomery County in 2009 known as their Revitalization Award.