by PIDCphila
August 28, 2019
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After the successful investment of the initial round of $6M from the Impact Development Fund, PIDC launched a second round of $5M to support commercial, industrial, and mixed-use development on commercial corridors in Philadelphia’s low-income neighborhoods. PIDC’s Impact Development Fund provides new capital for neighborhood-based development, driving revitalization in communities that can often be overlooked by traditional lenders and often need that investment most. The fund was created with capital from PIDC, the Philadelphia Redevelopment Authority, and U.S. Bank. Since the fund’s initial launch in April 2018, six businesses and small developers have benefited from the fund’s low-cost, flexible loans.
PIDC is proud to support such a diverse range of projects, from butcher shops and co-working spaces to affordable housing and restaurants in various neighborhoods such as Oxford Circle, Germantown, Cedar Park, Brewerytown, Port Richmond, and more.
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PIDC’s first investment from the Impact Development Fund was to Don Pedro Meats and Market—a bustling butcher shop and grocery store at 6010 Castor Avenue in Northeast Philadelphia. With the help of funding from PIDC, Don Pedro Meats and Market was able to expand into a new facility across the street from its original market location and better serve the community with a wider variety of products and services. The blocks surrounding Castor Avenue have been among the fastest growing residential areas in the Oxford Circle community, making mixed use and commercial development a priority.
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Following the first transaction, PIDC helped to finance coworking space to support the successful Jumpstart Germantown initiative to revitalize Germantown and surrounding communities as well as the new offices of real-estate developer Philly Office Retail.
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[av_heading tag=’h3′ padding=’10’ heading=’Equinox Management & Construction, LLC’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]
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In addition, the Philadelphia based, fully integrated real estate development, property management, general contracting and property maintenance company, Equinox Management & Construction, LLC, received funds to redevelop a building in the Brewerytown section of Philadelphia. Equinox’s project also houses PIDC client, Primal Supply Meats – a woman-owned butchery and local sourcing company.
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The next investment was a loan to John Pomp Studios—an artisanal lighting and furniture manufacturer. John Pomp Studios used the funds to purchase and renovate a building in Port Richmond to expand the company in an area that houses many historically underutilized industrial properties.
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The final investment from the first round went to the award-winning restaurant partners CookNSolo to finance their newest concept, an Israeli grill in Kensington named Laser Wolf. This project will renovate a 100+ year old currently vacant building into productive use when it opens in fall 2019.
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[av_heading tag=’h3′ padding=’10’ heading=’Spak Group’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]
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PIDC’s first investment from the second round of the Impact Development Fund was to equitable real estate development company, the Spak Group, for construction of a mixed-use, mixed-income building in Cedar Park, which will provide affordable housing and affordable co-working space to local psychologists. The project also features a solar panel. The Spak Group is a family-owned small business dedicated to revitalizing West Philadelphia, where the owners live.
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Here’s a snapshot of the overall impact of the Impact Development Fund from 2018-2019:
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IDF LOANS
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TOTAL SF PROJECTED TO BE CREATED
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PROJECTED # OF COMMERCIAL TENANTS
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TOTAL PROJECT COST
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TOTAL NEW JOBS
(RETAINED + PROJECTED)
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JOBS PAYING A LIVING WAGE
(RETAINED + PROJECTED)
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If you need funds for your commercial, industrial, or mixed-use development project in Philadelphia, please contact 215-496-8020 or to start your application for the Impact Development Fund today!
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