The president of developer Korman Residential of Trevose says he knows it’s not a good time to be building housing.
“By the same token, the demographics of the population — and the difficulty of getting mortgages these days are making apartments a very desirable investment and a very desirable way of life for residents,” says John Korman
His company is seeking approval to build more than 700 middle-income rental units near the Philadelphia International Airport. The Korman real estate business was granted development rights to the land in Eastwick decades ago, but has taken time to ripen, Korman says.
Korman says Generation Y’s demonstrated preference for renting and apartment living has combined with tightening opportunities to get a mortgage.
The Korman plan calls for two-story buildings with one- and two-bedroom garden apartments. However, the land is still zoned for single-family homes. A measure to change that designation has been introduced in City Council. Councilman Kenyatta Johnson has requested further review of the proposed development’s local impact. If Korman’s proposal passes muster, the developer foresees breaking ground in June of 2013.