The funding will go to two companies that own portions of the 680,000-sf building, located on 36 acres at Ashton Rd. in North Philadelphia. They are HBF Properties, a partnership of locally based Sant Properties, which purchased the facility in late 2002; and Frankford Candy and Chocolate Co., also headquartered here, which recently bought 500,000-sf of the building from Sant.
According to published reports, Sant paid $7.2 million for the entire facility. It plans to renovate the remaining 180,000 sf into a mix of office and warehouse space for lease to multiple tenants.
The building was completed in the late 1950s and once served as the combined factory and offices of Crown Cork, a giant supplier of packaging products. The renovation will include an environmental clean up of the facility and surrounding land.
The state offers the PIDA loan program to encourage industrial development throughout the state. PIDC administers the program in Philadelphia.
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