PIDC invests in high-impact community revitalization projects that create good jobs, provide essential goods and services, and stimulate additional investment in our neighborhoods. Furthering impact in communities across Philadelphia, PIDC also administers grant programs on behalf of the City and Commonwealth and facilitates non-profit organizations ability to raise private capital through issuing tax-exempt bonds.
$683M
Invested
50
Transactions
$32.6M
Real Estate Finance
$628M
Tax Exempt Bonds Facilitated
26
Grants Administered
PIDC Real Estate Finance
In 2021, PIDC invested $32.6M through 23 loans in 13 catalytic projects in neighborhoods throughout Philadelphia. Here are a few transformational projects with PIDC investments.
SUPRA | EMSCO
SUPRA | EMSCO, a Minority Business Enterprise (MBE) and Disadvantaged Business Enterprise (DBE), acquired 9.6 acres of industrial land from PIDC within a federal HUBZone and Opportunity Zone to construct a new office, cryopreservation facility, and safety stock warehouse in West Parkside. The project has received one of the largest allocations of New Markets Tax Credits in PIDC’s history and the largest allocation PIDC has committed to any project within the last 10 years.
SUPRA | EMSCO uses its supply chain distribution technology platform and logistics to meet the needs of its clients in the life sciences sector. The company will move from its current headquarters of approximately 20,000 square feet of leased office and warehouse space to a new 70,000 square foot facility at 4801 West Jefferson Street in the West Parkside Business Park. The project includes construction of a new headquarters building which will contain both a 40,000 square foot advanced warehouse facility and 30,000 square foot offices.
The warehouse portion of this new facility will also include a biorepository/freezer farm devoted to the processing and storage of human/animal cell & tissue samples for use in cell and gene therapy and immuno oncology research. The new location will expand capacity and capability to receive, store, and ship customer products. It will also provide for safety stock demands of pharmaceutical companies, research centers, and hospitals. The company plans to hire 50-70 new employees from the West Philadelphia community.
PIDC worked closely with SUPRA | EMSCO over a period of three years on a complex financing structure that involved a New Markets Tax Credits allocation from PIDC, a New Markets Tax Credits allocation from Reinvestment Fund, a Redevelopment Assistance Capital Program (RACP) grant from the Commonwealth of Pennsylvania, and additional financing from PIDC, Reinvestment Fund, Local Initiatives Support Corporation (LISC), and Wells Fargo Bank.
Ujima Developers
Ujima Developers, a Black-owned real estate development company, will acquire and renovate a 16,352 SF mixed-use property on an important corner of East Parkside. The property will include nine affordable residential units, 3,800 SF commercial space for a Black-owned physician’s group providing chiropractic and physical therapy, and 4,000 SF of additional exterior space for outdoor food retail by Black-owned chefs and operators. The project is funded by an Impact Development Fund (IDF) loan from PIDC, and a loan to bridge a Redevelopment Assistance Capital Program (RACP) grant. Reinvestment Fund, Fels Foundation, Barra Foundation, Valentine Foundation, The Seybert Foundation, The Merchants Fund, The Nelson Foundation, and Community Transformation Partners are also involved in making the project possible.
Frankford Community Development Corporation
PIDC funded the renovation of two mixed-use two-story buildings located at 4663 and 4665 Paul Street for Frankford Community Development Corporation, a nonprofit organization that provides affordable housing and business development resources to the Frankford section of Philadelphia. Frankford Community Development Corporation will use the funds to create eight affordable housing units and two ground floor commercial spaces. Since its inception, Frankford CDC has worked endlessly to provide increased job opportunities, affordable housing, and support of the development of increased financial resources through growing stable businesses.
INVESTING IN DEVELOPERS OF COLOR
PIDC has invested $29.4M in 13 projects led by real estate developers of color supporting over $161M of investment since the beginning of 2020 to the end of 2021. This activity is a significant step in PIDC’s strategic priority to deploy resources to address racial inequality and poverty in Philadelphia. These investments also showcase the substantial activity already underway through PIDC’s support.
Grants Administration
In 2021, PIDC administered 26 grants totaling nearly $22.4M for projects on behalf of the Commonwealth of Pennsylvania, City of Philadelphia, and the Philadelphia Water Department. PIDC serves as a conduit for the Philadelphia Water Department to offer stormwater grants which fund the design and construction of stormwater retrofit projects on commercial, industrial, multifamily and institutional properties for eligible businesses. In addition to stormwater grants, PIDC is also the conduit entity for the City of Philadelphia and state to administer other special grant programs, including the Redevelopment Assistance Capital Program (RACP), which offers matching grants funded by the Pennsylvania Office of the Budget for the acquisition and construction of economic development, cultural, civic, recreational, and historical improvement projects.
Betsy Ross House
Betsy Ross House
Historic Philadelphia, Inc., the parent company to the Betsy Ross House, was awarded a $250,000 grant from the City of Philadelphia, administered by PIDC, for the renovation of the restrooms at Betsy Ross House. Prior to the pandemic, the Betsy Ross House had an estimated 200,000 visitors per year, from tourists to school groups to tour operators. The restrooms were more than 50 years old and desperately needed an update. The completed project offers new updated restroom facilities to better welcome visitors. The project also helps keep the facilities up to date and running efficiently.
Sports Stadium Complex Stormwater
In July 2021, PIDC secured stormwater credit for the shared stormwater management facility at the Darien Crossing Condominium. This is the largest shared stormwater project, as measured by the amount of area managed, in the City’s Greened Acre Retrofit Program (GARP). The Darien Crossing Stormwater Retrofit project was recognized as one of 2021 Top Projects by Storm Water Solutions magazine.
Facilitating Tax-Exempt Bonds
PIDC serves as a conduit in administering the Philadelphia Authority for Industrial Development (PAID) Bond Program. Tax-exempt bond financing is available for certain manufacturing facilities and/or non-profit 501(c)(3) facilities to raise private dollars. In 2021, PIDC facilitated approximately $628M in tax-exempt bond transactions on behalf of eight entities, which included charter schools, nonprofit organizations, and the City of Philadelphia. None of these funds are provided by the City, PIDC, or PAID.
Isaac Newton Foundation, Inc.
Isaac Newton Foundation, Inc., formerly known as Friends of MaST School, Inc., is a Pennsylvania 501(c)(3) nonprofit corporation and was formed to own and operate the facilities for Mathematics Science and Technology Community Charter Schools. MaST are independent, public schools located in the Northeast section of Philadelphia.
The MaST Series 2021 project consisted of the refunding of PAID’s revenue bonds, Series 2019A and Series 2019B Bonds, financing the costs of renovations to the existing MaST III Charter School facility, the payment of capitalized interest, funding any necessary reserves, and costs of issuance.
The 2021 capital project will include renovation of approximately 50,000-60,000 square feet of the MaST III facility. The space will include 28 classrooms; a reading and math academic learning center; special education spaces; a lunchroom/cafeteria space; a makerspace for innovative design, creation, trades, and entrepreneurship; a video studio/e-gaming center; and athletic fields.
We are Philadelphia’s public-private economic development corporation. PIDC spurs investments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. PIDC is a non-profit founded by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce in 1958.
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We are Philadelphia’s public-private economic development corporation. PIDC spurs investments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. PIDC is a non-profit founded by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce in 1958.
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