May 2, 2013
This year’s Annual Review theme, Innovation and Entrepreneurship, speaks to Philadelphia’s economy sparked by the creativity and progressive thinking of our businesses and the people behind them. PIDC focused its investments and activities in four strategic areas:
1. Investing in entrepreneurship and growing businesses
2. Providing capital for priority development projects
3. Planning and developing workplaces for the future
4. Communicating Philadelphia’s message to the business and investment community
In 2012, PIDC closed 190 transactions, investing or facilitating $877 million in financing and settling 28 real estate transactions. PIDC invested in 11 priority development projects throughout Philadelphia, including two hotels, two neighborhood shopping centers, two community health and senior facilities, and two neighborhood mixed-use projects that attracted more than $265 million in total investment and will create more than 2,500 permanent jobs. PIDC is also committed to developing new resources and programs for entrepreneurs and small businesses. That’s why it committed $3 million to launch the Startup PHL Seed Fund in partnership with the City, successfully competed to secure $10 million in new lending capital through the Goldman Sachs 10,000 Small Businesses initiative, and with a team of partners helped secure $1.9 million from the federal government to establish the Greater Philadelphia Advanced Manufacturing Innovation and Skills Accelerator at The Navy Yard. PIDC also completed an updated master plan and a new energy master plan to guide and support The Navy Yard’s next wave of growth and investment, culminating in a celebration in early 2013 to mark the milestone of reaching 10,000 employees and more than 130 different employers.
The numbers in the Annual Review tell one side of PIDC’s story, but the client features complete it. They tell stories throughout Philadelphia’s neighborhoods and across several different market sectors: Emerging and Small Business, Neighborhood Development, Non-Profit, Industrial, Corporate and Commercial Development, The Navy Yard, and Sustainability.
To showcase the new review, PIDC celebrated with its second annual client appreciation event at The Arden Theatre, a PIDC client located in Old City. PIDC staff, board members, partners, and clients were all in attendance and the event was catered by Brulee Catering, a PIDC client. Lore’s Chocolates, also a PIDC client, provided chocolate bars with the PIDC logo embossed on the front, adding a sweet ending to the evening.
The event was a great opportunity for clients to network and for guests to meet the businesses owners behind the success stories they so often hear about. Also in attendance were President and CEO of the Greater Philadelphia Chamber of Commerce Rob Wonderling, and PIDC President John Grady who mingled with guests expressing their sincere thanks to all of the for-profit and non-profit businesses, institutions, and developers in attendance for the investments that they have made and will continue to make in Philadelphia. It’s always a proud moment to showcase businesses that embody the City’s spirit. PIDC looks forward to keeping this momentum going and supporting Philadelphia businesses for years to come.
For more information about PIDC and to download the 2012 Annual Review please visit www.pidc-pa.org.