Philadelphia’s Sharswood neighborhood is poised for a significant revitalization with the groundbreaking of Sharswood Ridge, a $52 million mixed-use development project. Spearheaded by Mosaic Development Partners, a leading minority-certified commercial real estate development firm, this initiative is set to inject crucial resources, jobs, and services into a community long deserving of equitable investment. This ambitious project is a testament to the power of public-private partnerships and the unwavering commitment of Mosaic Development Partners to fostering sustainable community growth.
The Sharswood Ridge development is a collaborative effort, bringing together a diverse group of stakeholders. Lead private investors include the Woodforest CEI-Boulos Opportunity Fund, HBSE Real Estate (the real estate arm of Harris Blitzer Sports & Entertainment), and local investors mobilized through the Small Change community crowd fund. Crucially, public sector support was secured through $28.5 million in New Market Tax Credit allocations from the Philadelphia Industrial Development Corporation (PIDC), Commonwealth Cornerstone Group (CCG), and Capital One Bank. The Philadelphia Housing Authority (PHA) is also a vital partner, serving as the senior lender and a key collaborator throughout the project.
Aerial view of the Sharswood Blumberg neighborhood highlighting vacant land parcels and existing buildings
PHA President and CEO Kelvin A. Jeremiah emphasized the transformative nature of the project, stating, “We are absolutely thrilled to make this phase of the Sharswood/Blumberg transformation plan become reality. From the beginning, the revitalization of the Ridge Avenue corridor has been key to making Sharswood a neighborhood in which families would choose to live. The redevelopment of this site will provide housing services and jobs that disappeared from the neighborhood decades ago. I would like to thank Mayor Kenney, Council President Clarke and everyone involved in these efforts. The neighborhood is realizing the vision set forth by the community under the direction of Mosaic Development Partners and their partners.” This quote underscores the long-term vision and community-centric approach championed by Mosaic Development Partners.
PIDC President Anne Bovaird Nevins echoed this sentiment, highlighting the project’s broader impact: “This high-impact project will bring critical goods and services to North Philadelphia, will create job opportunities for neighborhood residents, and help to energize the entire Ridge Avenue commercial corridor. PIDC is proud to help finance this project and to work with Mosaic Development Partners, SHIFT Capital, and the PHA to make this project a catalyst for the corridor and for the whole community.” PIDC’s involvement further validates the significance of Mosaic Development Partners‘ role in driving impactful urban development.
The Sharswood Ridge project has garnered praise from various levels of government and financial institutions. Joe DeFelice, Regional Administrator of HUD’s Mid-Atlantic region, lauded the public-private collaboration, stating, “Sharswood Ridge is a major achievement that will bring significant opportunities to the surrounding community for many years to come. As I’ve often said, HUD is very proud to be a part of this united effort to change lives for the better. The progress we have seen so far is a testament to what we can achieve when the public and private sectors work together.” Sue Lonergan, Fulton Bank Regional President for Southeastern Pennsylvania, emphasized their commitment to community development, noting, “Fulton Bank is proud to be a part of this exciting public – private partnership. We view this as an extension of our commitment to the greater Philadelphia market and to the Sharswood-Brewerytown neighborhoods… our involvement in this development epitomizes our Fulton Forward initiative, which promotes diversity, equity and inclusion; encourages the building of vibrant communities; fosters affordable housing; drives economic development; and increases financial literacy in the communities served by Fulton Bank.” These endorsements showcase the wide-reaching support and recognition of the project’s importance, driven by the expertise of Mosaic Development Partners.
The tangible benefits of Sharswood Ridge are substantial. The project is anticipated to generate over 200 construction jobs and more than 200 permanent positions, with a commitment to allocate 70 percent of these permanent jobs to local residents. Council President Darrell L. Clarke emphasized the immediate needs the development addresses: “This development is a tremendously exciting day for the North Philadelphia community. A $52 million mixed-use development that is urgently needed by North Philadelphia residents is finally happening… This project checks so many boxes for our residents on issues magnified by the COVID-19 pandemic. A lack of access to healthy foods – we have a supermarket in this development. Check that box. Access to adequate health care – we have an urgent care coming here. Box checked. Access to banking – a new bank is locating here. Check that box. More affordable housing – for seniors. Check the box. Businesses which are minority-owned gaining economic opportunity. A black developer is developing this project. This project checks every box we want and need in North Philadelphia. I cannot wait to get shovels in the ground.” Clarke’s statement directly acknowledges the critical role of Mosaic Development Partners as a minority-owned developer addressing key community needs.
Group of officials and community leaders at the Sharswood Ridge groundbreaking ceremony
Mayor Jim Kenney further highlighted the project’s significance in the broader neighborhood revitalization: “This development will serve as a linchpin in the rebirth of the Sharswood neighborhood. It shows what we can achieve when government and private partners join together with a common purpose. It also shows the value of including community members in setting priorities for the services they feel are most important to them. Congratulations to PHA and all of its partners for making this day possible.” Leslie Smallwood Lewis, Mosaic Development Partner, powerfully stated, “Sharswood Ridge is a testament to our work and belief that all neighborhoods deserve equitable investment and wealth building opportunities. This is only possible through a true public-private partnership, and we’re honored to work with the Philadelphia Housing Authority, elected officials, the local community and our investors who are dedicated to bringing essential services and improving neighborhoods.” Her words encapsulate the core mission of Mosaic Development Partners: to create impactful, community-driven developments.
Brian Murray, CEO of SHIFT Capital, recognized the project’s potential as a national model: “Sharswood Ridge will be considered a national model for creative public-private partnerships. It is a testament to mission-aligned developers and investors working together with our government partners to deliver a project that the community needs and deserves. SHIFT is thankful to PHA for their vision and our various partners who believe in the greater mission of this project and the investment in the Sharswood neighborhood.” Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank, added, “I am proud to contribute to the revitalization of the Sharswood neighborhood and deliver catalytic capital that will have an economic ripple effect throughout the Philadelphia market, where I live and work. In providing the first and largest equity investment in this project, the Woodforest CEI-Boulos Opportunity Fund is proving that Opportunity Zones are a powerful force of positive change for communities that need it most.” David Gould, Harris Blitzer Sports & Entertainment’s Chief Diversity and Impact Officer, connected the project to broader community engagement efforts: “Building upon the Philadelphia 76ers rich history of community engagement, investment and development in the communities where our fans live, work and play, HBSE is proud to support a project developed in partnership with community members. The Sharswood Ridge project is even more important as we emerge from the public health and economic crises we’re currently facing, ones that have disproportionately affected Black communities. Harris Blitzer Sports & Entertainment, the Philadelphia 76ers and HBSE Real Estate look forward to working alongside Mosaic Development, the Philadelphia Housing Authority and our partners to deliver a game-changing project for the people of Sharswood.” These testimonials further solidify the collaborative spirit and wide-ranging impact of the Sharswood Ridge initiative, with Mosaic Development Partners at its center.
The Sharswood/Blumberg Redevelopment Initiative, of which Sharswood Ridge is a crucial component, directly addresses the significant challenges faced by the community, including a high poverty rate, unemployment, and vacant properties. Darnetta Arce, Executive Director, Brewerytown/Sharswood CDC, expressed the community’s long-awaited aspirations being realized: “Our community has worked together to build a community that has been committed to growth and stabilized families. We have pushed for a grocery store and a health center for a long time, and we are grateful that our elected officials, community leaders and development team brought this to fruition.”
Mosaic Development Partners: Catalysts for Community Revitalization
Mosaic Development Partners stands as a prime example of a development firm deeply committed to urban revitalization and community empowerment. Founded in 2008 and based in Philadelphia, this minority-certified company specializes in ground-up development and adaptive reuse projects within underserved urban areas. Their expertise lies in navigating complex financing structures, including leveraging local, state, and federal loans and tax credits to drive neighborhood stabilization and job creation. Through strategic partnerships with municipalities, established developers, non-profits, and government entities, Mosaic Development Partners effectively multiplies its investment impact, breathing new life into struggling communities. Since 2012, Mosaic Development Partners and its collaborators have channeled over $100 million into Philadelphia neighborhoods, resulting in significant job creation, blight reduction, and the stimulation of further investment.
Leslie Smallwood Lewis and Gregory Reaves, Mosaic Development Partners principals, in a community development setting
Beyond development, Mosaic Development Partners also operates Mosaic Brokerage Group (MBG), a full-service real estate brokerage. MBG provides expertise in residential and commercial leasing and sales, tenant representation, and asset repositioning. Their reputation is built on a proven ability to guide clients in making strategic improvements that enhance asset value and ensure positive outcomes.
In conclusion, the Sharswood Ridge project, led by Mosaic Development Partners, represents a significant milestone in the ongoing revitalization of Philadelphia’s Sharswood neighborhood. This development is not just about bricks and mortar; it’s about creating opportunities, providing essential services, and fostering a thriving community. Mosaic Development Partners‘ dedication to equitable development and their proven track record make them a vital force in shaping a brighter future for Philadelphia and urban communities nationwide. To learn more about their impactful work, visit www.mosaicdp.com and www.mosaicbrokerage.com.
