Wednesday, September 2, 2015

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)

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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"

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About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

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

Joseph N. DiStefano
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