financial services : Development News

With Temple University in the midst of its 20/20 vision plan--an ambitious development proposal that will bring renovations across the North Philadelphia campus and renew North Broad Street's commercial corridor--it is easy to forget about the neighborhoods surrounding Temple. But while Temple prepares for millions of dollars in student housing and resident services centers, one nearby corridor was quietly getting a facelift of its own.

This week, Columbus Property Management announced completion of Temple 1, a LEED-certified rehab of 22 town homes on N. 16th Street between Cecil B. Moore and Montgomery. The renovation converts 58 low-income rental units with features like low-flow bath fixtures, high-efficiency heating and cooling systems, energy-saving windows and new insulation. The project has been given the LEED Gold certification and will re-open later this month.

"There is a lot of construction going on in this immediate area of North Philadelphia," says Columbus Director of Construction David Hahn. "All of these projects are working together to restore some of the blighted areas across this part of North Philadelphia."

The all-union, local construction continues as Columbus begins Temple 2, bringing energy efficiency to an other 40 units on the 1500 block. Beyond the new construction bringing more people to the developing area, Hahn hopes this project will generate revenue for nearby commercial corridors.

"By lowering living expenses, it gives our tenants a few more dollars in their pocket, which they can then in turn spend in the neighborhood," says Hahn. "More than just a stable building, we want to create a stable neighborhood. So when people go spend that money at the laundromat or the pizzeria, they are adding to that stability."

Source: Dave Hahn, Columbus Property Management
Writer: John Steele

As a sustainable homes designer, G8 CEO Dor Berkovitz is no stranger to green living. Open floor plans, prefabricated materials and affordable simplicity have always been a part of the G8 philosophy. This month, G8 takes this commitment one step further with two additions to the company resume.

On October 22, Berkovitz announced the launch of G8 Solar, a service his home buying clients had long been clamoring for. Since then, he launched G8-Solar.com and has gotten a number of requests. The company began its first solar photovoltaic install this week, but making solar affordable for his already-frugal clients (average G8 home costs $300,000) has been a challenge.

"Even with the incentives, you still have to pay $20,000-$30,000  for solar but with PECO raising their rates, people are going to start seeing the value of this in the long run," says Berkovitz. "Today, most people's equity is so limited so we are trying to come up with creative ideas to get more affordable prices for people who want to put solar on the roof."

G8's newest project, located at 2300 Amber Street in Fishtown, is the first home in Philadelphia made entirely of recycled shipping containers. Working with a company from New York that specializes in shipping container homes, G8 is retrofitting shipping containers to act as the frame for this experimental single-family home. The three-level structure will feature a 3kW solar array and water system, a garage and a backyard. It begins construction this month.

"The shipping business is so bad today, you can go on the Turnpike and see shipping containers rusting at the side of the road," says Berkovitz. "We figured we could use them like we would with a wooden frame, it will last for a long time and they are cheap. And we are recycling materials, which is part of our mission."

Source: Dor Berkovitz, G8
Writer: John Steele

Since opening nearly five years ago, the Cira Centre has been lighting up the Schuylkill Expressway with its LED light curtain and shining obelisk design. But remaining a relevant part of Philadelphia's developing skyline is never easy. In fact, the Cira has become so popular in its first half-decade, it is already expanding.

Last week, Brandywine Realty Trust--the development firm that brought the Cira Centre construction to 30th Street Station--announced completion of the building's south garage and a renovation to the 30th Street Station post office. Coming in ahead of schedule and under budget netted BRT $256.5 million in loan financing from CTL Capital, LLC that had been escrowed pending completion. The financing will go towards reducing borrowings and paying operational costs.

"We are extremely pleased to complete the $342 million 30th Street Post Office and Cira South Garage projects on time and under budget and to close this previously announced financing," says BRT President and CEO Gerard Sweeney. "The completion of this project enhances the economic growth of the University City sub-market and restores an important piece of Philadelphia's architectural history."

The project will create a 1,662-car parking structure and 9,788 square feet of retail space. BRT will be seeking LEED silver certification, a mid-level environmental design distinction. The company expects to begin construction in 2011.

Source: Gerard Sweeney, Brandywine Realty Trust
Writer: John Steele

International foods company Bertoli began in a Tuscany basement as an olive oil stand. The company now known as Progresso Soup started with two families importing Italian food to the U.S. for their families and friends. In an effort to pull Philadelphia's next foodie phenom out of a rowhouse kitchen or barbecue pit, West Philadelphia's Enterprise Center Community Development Corporation has launched Philly Food Ventures, a development program for home-based food entrepreneurs looking to take their businesses to the next level.

"When we grade applicants, we are looking for three things: managerial capability, the strength of their business idea and then we are looking for what we call entrepreneurial spirit," says Enterprise Center Managing Director Greg Heller. "People who come in with small or home-based food businesses and have the ability to run the business and take it to the next level but they don't necessarily have the know-how or the resources to get there."

Philly Food Ventures serves as a precursor to TEC's forthcoming Center for Culinary Enterprises, a 13,000 square foot food incubator with three community kitchens, urban farmland, and a training restaurant. The project is slated to transform a long-vacant grocery store at 48th and Spruce into a results-based food venture program, creating 130 new permanent jobs within its first two years and 20 new food ventures yearly.

"We are rolling this program out slowly so we can build up a client base so when our Center for Culinary Enterprises is open, we have a program and a set of clients and we can just plug and play," says Heller. "Every week, I get calls from folks who are trying to start food businesses, who have existing businesses and need assistance so this type of program is very timely."

Source: Greg Heller, The Enterprise Center
Writer: John Steele