Pennrose, the noted Philadelphia-based affordable housing developer, recently acquired the Neumann North senior housing building in Fishtown, with plans to embark on a new $20 million renovation project, writes Ryan Mulligan for the Philadelphia Business Journal.
Pennrose acquired the building on Frankford Avenue for $5.53 million and is planning to maintain its purpose as a senior living space for people aged 62 and above after the upgrades take place.
The property has been a senior housing development since 2006 after it started being used as an adaptive reuse of the St. Mary Hospital building, which was built in 1898.
Now under Pennrose’s ownership, plans are to have 53 of the 67 units reserved for individuals making 50 percent of the area’s median income of about $83,600 for a one-person household. Ten units will be for those making 40 percent of that income level, while four units will be reserved for those making 30 percent.
The overall renovations will include upgrades to the ground floor’s community space, improvements to the elevators, facade repairs, and the replacement of the mechanical systems. There will also be renovations to the bedroom apartments on a case-by-case basis.
Read more about Pennrose and it’s renovation plans for the Neumann North senior housing building in the Philadelphia Business Journal.
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Editor’s Note: This post was originally published on PHILADELPHIA Today in October 2025.
