PHILADELPHIA- Plainfield, NJ-based Supremo Foodmarkets received $4 million in financing for units in two neighborhoods here. Tthe Philadelphia Industrial Development Corp. provided the funding. Supremo, an independent minority supermarket operators in the Northeast, uses small-store formats for fresh produce and international food products.
It will lease, renovate and fit out a currently vacant 35,000-sf market at 900 E. Orthodox St. in the Juniata neighborhood. This project cost is estimated at $2.2 million.
In addition, Supremo will acquire a vacant 38,000-sf former Thriftway unit at 4347 Walnut St. in University City. The PIDC funding of $1.8 million will provide a new façade and upgrades to the interior. Both projects are expected to create approximately 140 local jobs.
PIDC is a private, not-for-profit corporation, created by the Greater Philadelphia Chamber of Commerce and the city's commerce dept. to promote economic development and job creation. Specifically, it provides low-interest financing and real estate products to businesses that increase employment.
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