BELMAR, N.J.--(BUSINESS WIRE)--

Ellavoz Impact Capital (EIC) announced today the acquisition of 1807 East Huntingdon Street in the East Kensington neighborhood of Philadelphia, PA. The former factory building and adjacent parking lot is located in a Federal Opportunity Zone and has been vacant and abandoned for years. EIC, along with its partner and project sponsor, Smith & Roller (S&R), plan to rehabilitate the structure as well as add new residential square footage to transform the property into an attractive mixed-use property with 109 residential units and approximately 8,600 SF of commercial space.

The project will allocate 60% of the residential units as affordable and workforce housing in a rapidly gentrifying neighborhood that borders the high-rent Fishtown neighborhood. The commercial space has been 100% pre-leased and the tenants have agreed to participate in a job training partnership with Impact Services, Inc., a local nonprofit who provides job skills training for underemployed Philadelphia residents.

Located in the East Kensington submarket, the revitalized building will be well situated to take advantage of the continued growth and development in the area. The greater Riverwards area is the most vibrant section and home to some of the city’s best restaurants, breweries, wellness centers, dog parks, and Main Street retail shopping, making it desirable for the residential market. The property sits directly adjacent to the Huntingdon SEPTA Station on the L-line, which is a short 15-minute commute to Center City, University City, and 30th Street Station. The area also provides easy auto access to I-95 and I-76.

Over the past few years, S&R has worked diligently to secure the necessary entitlements and approvals to transform the property and extend the site’s Pennsylvania Keystone Opportunity Zone designation for an additional ten year period, bringing needed subsidy to the project. S&R brought EIC into the project as a co-general partner to bring immediate capital to support the acquisition of the property as well as support the team’s capital attraction efforts. Jacob Roller, one of the sponsor’s principals stated, “I’m very excited to be partnering with EIC on this Gateway project at the critical intersection of Huntingdon Street and Kensington Avenue. They are a perfectly aligned group to join the team as we use principles of ethical development to bring positive change to this property and the City of Philadelphia.”

The EIC team is similarly excited to work with S&R on this catalytic Opportunity Zone project. “I am extremely impressed by the work of Smith & Roller. They have proven themselves as professional and experienced urban redevelopers who have a unique vision for revitalizing neighborhoods in partnership with local communities,” said Jeffrey Crum, President of EIC.

The project is currently completing its final Opportunity Zone equity raise and is expected to begin construction by the end of 2026. Construction is expected to last approximately 18 months with initial occupancy beginning in 2028.

About Ellavoz Impact Capital:

Ellavoz Impact Capital, LLC is a social impact investor, advisor, asset manager, and real estate developer focused on creating and preserving workforce and affordable housing and other community-oriented real estate properties. EIC's strategy concentrates investments into price-attainable housing and economic development projects by working with socially aligned operators, local nonprofits, and governmental agencies to deliver positive community outcomes and double bottom line returns.

Based in Belmar and Newark, New Jersey, EIC currently has total managed and controlled assets with a value exceeding $400 million. EIC is comprised of certified public accountants, attorneys, as well as real estate, finance, and economic development professionals. The team has both private sector experience and decades-long experience leading large community development financial institutions and nonprofit organizations. Collectively, the management team has led transactions with a total capitalization value of nearly $3 billion.

For more information about Ellavoz Impact Capital, visit our website at Ellavoz.com.

About Smith & Roller Development:

S&R lives at the intersection of the arts, non-profits, urban culture and commerce, contributing to thoughtful, urban revitalization to embody and demonstrate best practices of the Impact Development philosophy. The principals bring a truly unique range of experience and expertise that span real estate development, communications strategy, social impact, innovative entrepreneurship, and community engagement. We often partner and draw from our extensive networks of people in city government, education, real estate and urban planning and neighborhood community work and arts & culture for our various projects. Please visit our website at: SmithRoller.com

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Source: Ellavoz Impact Capital