NEW YORK: The four hundred and twentieth entry for the seniors housing Global Awards 2016 has been received.
The luxury development company that failed to deliver on its promised affordable housing units at One Water Street will pay $3.75 million to the Philadelphia Housing Trust Fund.
The alternative deal was brokered last week between senior administrative city officials and PMC Property Group.
In 2014, PMC Property Group became the first development company to take advantage of the city’s inclusionary zoning bonus, which allows developers to exceed building heights as long as they include affordable housing units in their projects.
