7-24-20

O wners , D evelopers & M anagers

M id A tlantic Real Estate Journal — Section C

www.marej.com

New ownership brings the promise of new econ. development to Phila. Hilco Redevelopment Partners closes on $225.5 Million acquisition of PES

P

Energy Solutions (PES) refin - ery in Southwest Philadelphia. The deal is a giant step toward building an environmentally responsible and economical - ly robust commercial hub in Southwest Philadelphia. “I want to thank Hilco Rede- velopment Partners for their commitment to Philadelphia by assuming ownership of one of the most important commercial sites in the city,” said Philadel - phia Mayor Jim Kenney. “The action creates jobs, ensures the future commercial viability of the site, and decreases the for- mer refinery’s environmental impact.” For more than 150 years, the PES refinery stood as a symbol of the Industrial Revolution and helped to grow Philadel- phia, with all the attendant environmental concerns that were byproducts of that era. Under new ownership led by HRP, a fresh vision for the industrial site will be realized,

resulting in one of the largest and most strategically signifi - cant multi-modal logistics hubs in the country that leverages the site’s unparalleled infra- structure and location. “Our plan is to transform the site into a commercial hub to be shared by dozens of world-class companies that will benefit from Philadelphia’s diverse workforce and strategic loca- tion with an environmentally responsible infrastructure that will be great for all Philadel - phians,” said Roberto Perez , chief executive officer – Hilco Redevelopment Partners. “We are looking forward to col- laborating with city, state and neighborhood leaders and com - munity groups, working side by side as your new partner and member of the community to create this extraordinary cen- ter for commerce and economic development.” As an employment engine, the project’s 1300 acres-the

the area’s overall revitalization effort. With its mix of afford- able rental housing for families and seniors, market-rate for- sale townhomes, and a new park, North Hill represents our strong commitment to inclusive development as we revitalize the Corridor,” said supervisor Dan Storck, Mount Vernon District . Financing for the four projects includes tax-exempt and taxable financing and 9% and 4% Low Income Housing Tax Credits through Virginia Housing De- velopment Authority (VHDA). FCHRA has provided Blue- print and CDBG funds in ad- dition to Project Based-Section 8 rental housing assistance to make units affordable to fami - lies and seniors. The Virginia Department of Housing and Community Development has contributed HOME, State and Federal Housing Trust funds. Our banking partners i nclude Bank of America and Trust Bank. MAREJ HRP is planning a long- term redevelopment of this important piece of Philadelphia history just as it has done in cities across America. In 2012, HRP was the original architect of a vision to redevelop the bankrupt 3300-acre former Bethlehem Steel Mill site in Baltimore, Maryland that had closed after 125 years of operation. Together, with our JV partner Redwood Capita l, we have developed and built Tradepoint Atlantic, a state-of- the-art tri-modal logistics com- plex that has generated more than 8,500 new jobs to date and is expected to account for as much as 1% of Maryland’s GDP by 2025. MAREJ diversity and inclusion for the facility plus will make sure that as many local residents as possible get these new jobs. I look forward to working with community stakeholders for a bright new future for the property.”

total size of Philadelphia’s Cen - tral Business District--offers incredible job growth potential. During the remediation and redevelopment phase, the proj- ect will generate many job op - portunities and rely heavily on local unions and local trades. Ultimately, the companies that will locate at this new develop- ment will create thousands of new permanent jobs, according to initial studies. “This is an exciting project that will serve as an economic hub in the region with the potential to create thousands of new jobs,” said Councilman Kenyatta Johnson. “I expect that Hilco Redevelopment Partners will pursue an en- vironmentally sustainable, economically vibrant vision for the property that protects the health and safety of nearby residents and people who will work on the site. Hilco officials have assured me they will have a serious commitment to

H I L A D E L P H I A , PA — Hilco Rede- velopment Partners

(HRP) , the real estate development unit of Hilco Global that remediates and redevel- ops complex and obsolete i n d u s t r i a l property an-

Roberto Perez

HI-LIGHTS July 24 - August 13, 2020 RD Management progresses on seven development projects nounced that it completed a transaction to purchase the 1300-acre former Philadelphia

Pennrose closes on 33-acre North Hill Development in Fairfax County, Virginia

FAIRFAX COUNTY, VA — Pennrose, Community Housing Partners (CHP), and

4B

the Fairfax County Re- d e v e l o p - men t and H o u s i n g Au t ho r i t y (FCRHA) an- nounced they have closed on financing for the 33-acre

Rittenhouse Realty Advisors' DiPasquale negotiates sale of 135 units in Wilmington, DE

Ivy Dench- Carter

North Hill development in Fairfax County, VA

North Hill development in the Mount Vernon District of Fair- fax County. Located off Rich- mond Hwy, the comprehensive initiative includes mixed-income family and senior rental apart- ments, for-sale townhomes, and a new 12-acre community park. The multifamily portion of the development will consist of five, four-story buildings fac - ing Richmond Hwy. The build - ings include 216 affordable family apartments and an ad- ditional 63 units of affordable independent living for seniors.

The 175 market-rate, for-sale townhomes will be built along Dart Dr. The 12-acre public park will be located east of the apartments and north of the townhomes, and the public plaza will be built on the corner of Dart Dr. and Richmond Hwy. “Pennrose is proud to work alongside our development partners to execute our shared vision for the site and achieve the Hous- ing Authority’s longtime goal of adding more high-quality,

affordable housing options to the neighborhood,” said Ivy Dench-Carter , regional vice president at Pennrose. “The comprehensive plans for the North Hill development are a testament to the power behind publicprivate partnerships and will spur further invest- ment in the region.” “The development of theNorth Hill site is a gamechanger. It will bring muchneeded afford - able and market-rate housing to Richmond Highway and support

7B

ALSO INSIDE

Contributing Columnist: Christina Martin & Shaun Comer, Edge .............. 2B Co-Existing with C OVID 19..10B Service Directory ............... 19B People on the Move ........... 20B

www.marej.com

Made with FlippingBook Learn more on our blog