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03-22-2006, 10:24 AM
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Parkside Shopping Center Article
Parkside shopping center set to get under way in June
Philadelphia Business Journal - March 17, 2006 by Peter Van Allen Staff Writer A long-awaited shopping center planned for Philadelphia's Parkside neighborhood will break ground in June, the developer said. ParkWest Town Center, a $50 million retail center at 52nd and Jefferson streets, got the green light when City Council approved a $6 million tax-increment financing package the developer said was crucial to getting the center built. Blue Bell-based Goldenberg Group has been trying to get the center built since 1999. "We are now well-positioned to bring this seven-year vision to a reality," said Leslie Smallwood, Goldenberg's director of development. ParkWest Town Center, at 308,000 square feet, will feature Lowes Home Improvement Center and a ShopRite. It will also include a Wachovia Bank branch, two restaurants and other retailers. It will create 420 construction jobs and 640 permanent full-time jobs, while generating $2 million a year in tax revenue, the developer said. ParkWest is the Parkside neighborhood's largest retail development to date. Parkside and surrounding West Philadelphia are considered in need of retail, especially supermarkets. A year-old shopping center, Overbrook Plaza, which was West Philadelphia's first new retail center in three decades, sold this week for $10 million, a profit of $2 million over the construction cost, according to Legend Properties. In the case of ParkWest, it will be co-owned by Goldenberg, owner of 5 million square feet of retail and commercial space, and West Philadelphia Financial Services Institution, a nonprofit dedicated to economic development in the West Philadelphia Empowerment Zone. City Councilman Michael A. Nutter said the shopping center would be a "catalyst for economic empowerment in West Philadelphia." In November, the state's Commonwealth Financing Authority approved a grant of $2.26 million and $3.5 million in a low-interest, 20-year loan. The center will be built on a 22-acre former railroad yard owned by the Philadelphia Industrial Development Corp. It also includes nine acres that now include mixed-use and residential properties. Of the 56 residential properties to be torn down, 30 were vacant, said Jim Burnett, executive director for West Philadelphia Financial Services. A church and a mixed-use property will also be cleared for the shopping center, Burnett said. Ten of the properties were owned by the city and, in every case, the property owners have accepted buyouts, Burnett said. "Everything is on track," said Burnett. pvanallen@bizjournals.com | 215-238-5145
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www.phillyskyline.com 
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03-22-2006, 05:28 PM
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http://maps.google.com/maps?q=52nd+S...6,0.022788&t=h
A new Septa Line, a new Microsoft HS, now a new "mall". Where's the developers... seems like someone going to gentrify (push out the current residents) This wouldn't happen to be "blighted" section by the Planning Commision...they usually "blight" something and sell it to a developer (like Strawberry Mansion)
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03-22-2006, 05:58 PM
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they've been trying to revive that are for a long time (parkside historical, new HS, mann, SVM and reviving the 52nd st stop). was just admiring those homes form the train the other day.
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"You down wit OPM?" Fumo: "Yeah, you know me!"
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03-22-2006, 06:45 PM
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Quote:
http://www.philaplanning.org/plans/a...umbia54rap.pdf http://www.philaplanning.org/plans/a...lumbia54br.pdf http://www.philaplanning.org/plans/a...girard52br.pdf http://www.philaplanning.org/plans/a...ksdlancrap.pdf http://www.philaplanning.org/plans/a...s/parkside.pdf In case I missed any there is also this hand index of all the sites designated blighted and certified for redevelopment here -> http://www.philaplanning.org/plans/a...ertified05.pdf Last edited by seand : 03-22-2006 at 06:50 PM.
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03-22-2006, 08:09 PM
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We should bet on what the develper's name will be for the massive project that will be coming that we haven't heard about yet.
1. Parkside Medows 2. Parkside "Commons" 3. Parkside Gardens.... With an ad campaign with some hipsters laughing off to the distance sitting on some really modern furniture...
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03-22-2006, 10:18 PM
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Quote:
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"You down wit OPM?" Fumo: "Yeah, you know me!"
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03-22-2006, 10:24 PM
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sure...
Parkside is going to be the next hip area for the developers to invest in. It is having money thrown at it and it's close to Center City.
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03-23-2006, 11:32 AM
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