Park West Town Center

1
52nd Jefferson Streets Philadelphia,
Pennsylvania
2

• Partnership of the West Philadelphia Financial
  Services Institution and The Goldenberg Group
• 55 million 29 acre 341,000 sq. ft Retail
  Center
• Increase community development and wealth
• Community ownership, reinvestment of community
  assets, job creation and training, new goods and
  services, new business and wealth creation.

3
Aerial View of Site

• Boundaries on Columbia Avenue, 52nd St, 50th St
  and the railroad tracks

4
The Partnership

• The West Philadelphia Financial Services
  Institution (WPFSI)
• Dedicated to stimulating economic development in
  the Empowerment Zone
• The Goldenberg Group
• 20 years specializing in the overall development
  of large scale complex real estate

5
Park West Town Center Goals

• Empower the Community
• Local ownership
• Land ownership
• Provide a perpetual stream of income to be
  reinvested into community
• Convert an old railroad yard, which has been
  vacant for over 25 years, into a vibrant retail
  development
• Bringing top national and regional retail
  companies to an underutilized urban location
• Generate substantial tax and sales revenue

6
Community Growth

• Creating more jobs than any single Philadelphia
  EZ loan or investment
• 420 construction and 800 permanent jobs
• Provide life and job training skills
• Reducing employee turnover and increasing company
  productivity
• Family Savings Account (FSA)
• Programs on financial literacy and responsibility
• And saving for future investment in a home,
  business, or education
• Match every dollar saved by participants

7
Town Center Tenants

• Lowes
• Creating 400 jobs
• Shop-Rite
• Creating 150 jobs
• Wachovia Bank
• The first bank branch within the Empowerment Zone
• McDonalds
• Radio Shack
• Americas Best Contacts

• A.J. Wright
• T-Mobile
• Ashley Stewart
• Eternity
• Game Stop
• Monster Pets
• Annas Linens
• Kicks
• J Beauty

8
Town Center Tenants
9
Financing

• WesGold, LLC (Equity)
• Fresh Foods Prog. (Grant)
• Lowes
• Wachovia Bank New Market Tax Credits (Loan)
• CFA Loan
• CFA Grant
• Tax Increment Financing
• Brownsfield Grant

• 4 million
• 250,000
• 6.3 million
• 18.5 million
• 3.5 million
• 2.26 million
• 6 million
• 2 million

10
WPFSI Future

• The income from the shopping center will be used
  for greater community development
• Increase matching dollars to participants of the
  FSA program
• Provide training and other grants for community
  groups in the EZ
• Invest with EZ property owners to rejuvenate the
  community and create more opportunities for local
  business owners.

11
52nd Jefferson Streets Philadelphia,
Pennsylvania