The Blue Bell-based Goldenberg Group is constructing the center in partnership with West Philadelphia Financial Services Institution, a local non-profit organization. As WesGold, the JV will own and operate the center.
It was originally planned to total 110,000 sf, but Leslie Smallwood, Goldenberg's director of development, tells GlobeSt.com it was hard to interest a supermarket without offering more space. As a result, Goldenberg acquired an additional 17.1 acres, and Philadelphia Industrial Development Corp. is selling 22.4 acres to WPFSI for an undisclosed price in order to complete land assembly for the project.
Shop Rite has committed to a 65,000-sf supermarket, and Lowe's will build at 171,000-sf unit, which is not included in the project's projected cost. A McDonalds and Wachovia bank branch will also take space, and, in late December 2005, prior to TIF approval, Smallwood said negotiations were under way with Modell's Sporting Goods and Fashion Bug among others.
Goldenberg is funding $36.8 million of the development cost, and the city and state are paying for the remainder. Over 20 years, the TIF is expected to generate approximately $6 million of the City's portion of public funding. PIDC administers the city's TIF programs. The redeveloping Parkside neighborhood has been lobbying for additional retail, including a supermarket for about 15 years. Goldenberg became involved about six years ago. Greg Reaves, Goldenberg's COO, says groundbreaking is expected this June, and delivery is still on track for late 2007.
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