THE PHILADELPHIA TRIBUNE
The Goldenberg Group and West Philadelphia Financial Services Institution recently announced that ParkWest Town Center is fully leased.
In June 2008, ParkWest Town Center opened as the largest retail project completed in any Federal Empowerment Zone in Pennsylvania, at 342,125 square feet.
“To fully lease this retail center in the face of current economic conditions is a testament to the quality of our developments, and the dedication of our team,” said Adam Rosenzweig, senior vice president of leasing for The Goldenberg Group. “Retailers are increasingly selective about where they are opening new stores, and only want the best locations and strongest landlords. ParkWest offers both, and the results bear that out.”
Filling a decade-long retail void in an historically underserved area of West Philadelphia at the intersection of 52nd and Jefferson Streets, ParkWest is now home to a 64,000 square foot ShopRite — a 167,000 square foot Lowe’s Home Improvement Store and 11 other retailers.
In January, Mercy Family Health Associates, a primary care and internal medicine facility became the latest tenant to lease space, bringing the center to full occupancy. Located at 5070 Parkside Ave., Suite 5100, the health facility provides a variety of specialty physicians in the areas of family medicine and geriatrics, general surgery, gynecology, endocrinology and vascular surgery.
During the eight-year development process, The Goldenberg Group and West Financial Services Institution worked through site planning and public opinion obstacles.
With the active participation and involvement of the city of Philadelphia, the Philadelphia Redevelopment Authority, Philadelphia Industrial Development Corporation, Philadelphia Housing Authority, Parkside Association of Philadelphia and the Business Association of Parkside, the site was expanded from 11 to more than 30 acres to accommodate the supermarket site anchor. In the process, more than 60 individual properties were acquired, and 27 families and one business were relocated.
Financing of the $52 million project was equally challenging, said Jim Burnett, executive director of West Philadelphia Financial Services Institution, but was realized through a combination of conventional debt and equity, tax increment financing, new market tax credits, the Environmental Protection Agency’s Brownfields grants and state economic stimulus aid.
“We’ve worked to change people’s idea of what this West Philadelphia community could look like,” Burnett said.
“We’ve accomplished something significant here, something that residents can be proud to call their own.”
Headquartered in Blue Bell, The Goldenberg Group is one of the largest real estate development companies in the Delaware Valley.
The West Philadelphia Financial Services Institution is an economic development organization delivering financial, real estate development and neighborhood enrichment services to its constituents.