X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the debt and equity markets, click here.)

PHILADELPHIA-The long-planned redevelopment and expansion of 65,000-sf Progress Plaza gets added impetus with $5 million from the state’s Redevelopment Capital Assistance program. Gov. Ed Rendell says the investment is expected to create 250 jobs and retain 75 while adding new stores to the Yorktown neighborhood.

Locally based Progress Trust Inc., a subsidiary of the owner, Progress Investment Associates, is redeveloping the four-acre center. It will include a 46,000-sf Fresh Grocer as anchor along with 38,000 sf of inline retail and 9,000 sf of office space on a second-story level.

Partial demolition of the existing center at Broad and Oxford streets was completed in 2005, and the renovation and new construction is expected to begin within 60 days. The Fresh Grocer replaces a Super Fresh, which vacated the property in the early 1990s, and will bring a 24-hour grocery to the North Philadelphia neighborhood.

Benjamin Gilbert, executive director of PIA, tells GlobeSt.com the center is 70% preleased and he anticipates completion by early to mid-2007. Additional tenants are Radio Shack, Citizens Bank, Popeye’s restaurant, Payless ShoeSource and the Avenue. Gilbert says rental rates on the Broad St. side range from $30 per sf to $35 per sf, while rates on the backside of the center are between $20 per sf and $25 per sf.

The late Rev. Leon H. Sullivan led construction of Progress Plaza in 1968 with 4,000 contributions of $360 each by members of his congregation at Zion Baptist Church and other members of the community. It is the country’s oldest African-American-owned and developed shopping center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.