November 24, 2020
In July, we announced our full recovery plan, detailing each phase in the blog, Racism, Equality, & Restarting our Economy.
The second phase, PIDC’s RESTART Action Plan, focuses on how we are adapting the following three core strategies to meet Philadelphia’s needs to drive an equitable economic recovery and “reopen with care” at this critical time:
Support Growth & Resilience of Businesses
Invest in High-impact Community Revitalization
Catalyze Opportunities for Inclusive Growth
Throughout the year, we are keeping you updated on progress toward our RESTART Action Plan by highlighting various examples of what we have done, so far, to support our strategies.In case you missed it, in August, we shared an update on how we are catalyzing opportunities for inclusive growth with the announcement that PIDC selected a team comprised of Ensemble Real Estate Investments and Mosaic Development Partners as its development partners for 109 acres of the Navy Yard. In September, we announced new developments around PIDC events, funding, and collaborations with partners to support growth & resilience of businesses.
Below are a few more actions we’ve taken to support our RESTART Action Plan.
LOGISTICS & DISTRIBUTION
In early 2018, PIDC released Philadelphia Delivers: A Hub for Logistics & Distribution. Since the report’s release, COVID-19 has changed the supply chain impacts for wholesale and retail and created massive increases in the already increasing online retail space. During this unprecedented time, Philadelphia has continued to see significant real estate development in this booming industrial sector. In this series, you can catch up on the ongoing logistics and distribution activity happening in Philadelphia.
In yet another sign of the depth and breadth of the demand for industrial sites to support investment and development of logistics facilities in Philadelphia, construction was completed for the First Independence Logistics Center at 2021 Woodhaven Road. After purchasing the site from PIDC in July 2019 through significant investment in, and commitment to, the Philadelphia Industrial Market, First Industrial Realty Trust, completed the 100,272 SF urban infill warehouse distribution building in July 2020 and it is now available for lease. First Industrial Realty Trust is a Real Estate Investment Trust (NYSE: FR) having a total square foot portfolio of +/- 64 Million S.F. across 444 properties throughout the U.S.
First Independence Logistics Center is the 3rd class “A” distribution and logistics facility to deliver on a speculative basis in 30 years. The facility is located in close proximity to Rt. 1, I-276, and I-95. It includes 75 car parking spaces, 16 trailer parking spaces, and a deep truck court along with 16 fully-equipped dock high loading docks. A new tenant will have the list of benefits available to them from the property’s 10-year KOZ designation.
In August, PIDC closed on the sale of 9450-70 Ashton Road to Crow Holdings Industrial (CHI) — a development company with a 70-year history specializing in distribution, fulfillment and last-mile properties in key logistics markets throughout the United States. This project marks Crow Holdings Industrial’s first foray into the Philadelphia market.
CHI assembled a 24-acre site at the corner of Grant Avenue and Ashton Road, and has received approvals for the construction of a 400,000-square-foot logistics facility. The facility will be developed to accommodate the needs of a wide range of industrial occupiers, including local retailers, e-commerce companies, and food and beverage proprietors. Located in the immediate vicinity of Northeast Philadelphia Airport, the property is just two miles from a full interchange of Interstate 95, providing unrivaled access to transportation for goods and workers. The development is expected to support approximately 135-275 jobs.
The investment at the First Independence Logistics Center and 9450-70 Ashton Road reflects the strength of industrial demand in the city and confirms Philadelphia’s appeal as a location for logistics & distribution investment. In case you missed it, there have been many other recent developments in the industry throughout Philadelphia. Here are a couple of examples:
- Baldor Specialty Foods, a New York-based wholesale distributor of meat, poultry, produce etc., bought 13 acres in Northeast Philadelphia and will invest $40 million to develop a new cold storage facility, according to the Philadelphia Business Journal.
- CBRE announced that it has arranged for the sale of SoPhi Logistics Center, a 283,500 sq. ft. last mile industrial facility located at 2400 Weccacoe Avenue in Philadelphia, Pennsylvania.
READ THE FULL ACTION PLAN
Check out our RESTART Action Plan for more details on how we will continue to respond to the needs of our community. We welcome new ideas and opportunities for partnership.