Saturday, September 20, 2014
Inquirer Daily News

No vacancy at two Philly malls (Update)

Goldenberg Group says it's rented every inch of its ParkWest and Whitman Square malls, totalling three-quarters of a million square feet in West and Northeast Philly.

No vacancy at two Philly malls (Update)

Goldenberg Group, Blue Bell, says it has "100% leased" two Philadelphia neighborhood shopping malls: its two-year-old ParkWest Town Center, a 342,000-sq-ft complex at 52nd and Jefferson in West Philly; and Whitman Square Shopping Plaza, a 435,000-sq-ft complex at the old Whitman's Chocolates site, Grant Ave. and Roosevelt Blvd. in Northeast Philly. It's also filled the Metroplex mall in suburban Willow Grove, according to a statement by Goldenberg leasing chief Adam Rosenzweig.

ParkWest filled its last vacancy when Mercy Health Partners leased a 3,000 square foot clinic last month. Whitman filled a 35,000 sq ft hole left by bankrupt Circuit City with an HH Gregg electronics store, and its final vacancy with a Buffalo Wild Wings. Jewbilee took the last, 7,000 sq ft vacancy at Metroplex.

Parkwest is a $52 million, taxpayer-subsidized urban mall developed over the past decade by Goldenberg in partnership with the nonprofit West Philadelphia Nonprofit Financial Services Institution, with backing from city agencies, a Tax Increment Financing (TIF) district, federal New Markets tax breaks, state brownfields grants and other state aid.

ALSO: Goldenberg says here's how it funded Parkside:

$14.5 million conventional loan from Wachovia (now Wells Fargo)
$  1 million additional loan from Wachovia
$  3.6 million in New Markets federal tax credits, via Wachovia
$  6 million in tax increment financing from the City of Philadelphia
$  2 million Brownfields grant from the federal government
$  3.5 million “Business in our Sites” loan from the state
$  2.3 million “Business in our Site” grant from the state
$    750,000 Empowerment Zone (EZ) grant from the state (economic stimulus aid)
$  7.5 million from Lowe’s, as a contribution toward site work

"The balance was equity from The Goldenberg Group and the nonprofit" bank-supported "West Philadelphia Financial Services Institution"

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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