PaulBubnyis editor of RealEstate New York and part of a three-person team nowcovering the Philadelphia market
PHILADELPHIA-A locally based joint venture is receiving an$11-million loan through the state to remediate a 46-acrebrownfield here. The site will be the future home of thePhiladelphia Regional Produce Market, which has operated at thesame location since 1959 and has reportedly sought a new facilitysince 2002.
Essington Avenue Partners, a JV of King of Prussia-based O'NeillProperties Group and Newtown Square-based Corvest Realty, isgetting the low-interest loan to remediate a site that formerlyheld an automobile salvage operation, a scrap yard and a landfill.The two companies specialize in redeveloping disused properties.The loan was revealed by Pennvest, the Pennsylvania InfrastructureInvestment Authority.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
