After years of land acquisitions and financing discussions, ground has finally been broken in Philadelphia for a new workforce housing development financed by Malvern-based Meridian Bank, writes Leigh Stuart for Suburban Life.

The Residences at Marshall will provide housing for those who have been priced out of living in the city. Most of these people earn low to average income, and usually cannot afford the new and often high-end housing in prime locations.

“This is an opportunity for Meridian to help the citizens and families of Philadelphia, to provide quality affordable housing for the community,” said Clarence Martindell, Senior Vice President at Meridian Bank. “It’s something that we, as citizens, should all be looking to help with.”

The project is being developed by Larry McKnight, President and Founder of Urban Renewal Builders, and Mo Rushdy, Managing Partner of The Riverwards Group.

McKnight explained that the workforce housing project is in direct response to the city’s gentrification.

“Existing neighbors are being forced out of the communities,” he said. “It’s the city’s way of combating that, and we wanted to be a part of it.”

Read more about the new development in Suburban Life here, and check out previous VISTA Today coverage of Meridian Bank here.