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Goldenberg takes next step on Columbus Blvd.

PHILADELPHIA, PA, December 9, 2003

The Goldenberg Group closed Phase II of the Columbus Commons development at the former CSX rail yard in South Philadelphia, at Columbus Blvd. and Snyder Avenue.

At the closing, Goldenberg sold 11 acres to Lowe’s Home Improvement Warehouse and retained 14 acres. Lowe’s will construct a 160,000 square-foot store on their site, and Goldenberg will construct an additional 170,000 square-feet consisting of several national stores and restaurants, including Best Buy, Linens-N-Things, Chick-fil-A, Wendy’s, and Champps. The Goldenberg Group closed Phase I of the “Power” Center, the 20 acres of land for Philadelphia’s IKEA store, in April 2003. The entire project is expected to be complete, and all stores ready to open by the fall of 2004.

“Philadelphia is a national leader in land-reuse,” said Ken Goldenberg, CEO and Founder of the Goldenberg Group. Columbus Commons is adjacent to Snyder Plaza, a shopping center developed by Goldenberg in the mid-1980s.

“Snyder Plaza was a barren contaminated old industrial waste area before we built Snyder Plaza and turned it into the first vibrant retail commercial center east of I-95,” he said.

In July, 2002 Target opened a 147,000 square-foot store – its first in the city of Philadelphia – at the 306,250 square-foot Snyder Plaza, which created about 200 new full-time and part-time jobs. Target joined 25 other stores including Modell’s, Office Max, Chuck E. Cheese’s, Monster Pets, Mandee, and Radio Shack.

When completed, the combined retail assemblage that runs from Columbus Blvd. on the east to Front Street at the west, from Mifflin Street on the north to below Snyder at the south complex, will be a regional “power” retail center.

“The Goldenberg Group will have close to one-million square-feet in commercial-retail space within a mile of Center City, Philadelphia and alongside I-95, when the IKEA-Lowe’s anchored complex is completed,” said Robert W. Freedman, Senior Vice President and General Counsel for The Goldenberg Group. “More than 650,000 residents live within a 5-mile radius of Columbus Commons.

“This project alone will bring in more than $4.2 million in tax revenue annually,” added Freedman. “More than 1,000 new permanent jobs will be created, many to be filled by the nearby residents of South Philadelphia.”

“Between this project, and The Goldenberg Group’s current development of Whitman Square (at the old Whitman Chocolate factory in Northeast Philadelphia) more than 2,125 new, permanent jobs will be created in the city,” said an exuberant Goldenberg. “The combined tax benefit to the city – for these two projects alone – will be in excess of $7 million annually,” added Goldenberg.

The Goldenberg Group is a multifaceted real estate development company specializing in the development, leasing, construction and management of retail, commercial and mixed-use properties. It owns and manages more than 3.1 million square feet of space, which includes “power” shopping centers – Metroplex in Plymouth Meetings, Bensalem Crossing, Courts at Deptford 1 and II and the Court at Oxford Valley. The Goldenberg Group also has an additional 1.8 million square feet in various stages of construction and planning that include other urban projects, and community development projects in the city and region.