|
|
   |
   |
 PARK WEST |
 |
|
| History |
| In 1876 the United States of America celebrated its 100 th birthday by hosting its first “World Fair” in Philadelphia’s Fairmont Park. The Centennial Exposition, as it was called, was a show case for American industry and its new place in the world. Today, 130 years later we are looking at a renaissance of a neighborhood that will be anchored with the development of a $50 million, 29 acre, 341,000 square foot retail center (“Park West”) on the same site that brought many of the estimated 9 million attendees to the Centennial Exposition. This time around we are looking to show America that retail can be an effective tool in creating economic development through non-profit, private and government investment.
|
| The idea of creating a retail center on this site was birthed by the community more than fifteen years ago. It was then embraced by the members of the West Philadelphia Community Trust Board (1997), which was created out of the “Empowerment Zone” (the “EZ”) initiatives. The West Philadelphia Financial Services Institution (“WPFSI”) took the baton and brought the project to where it is today. WPFSI has taken great pride in its ability to create a coalition of partners from its development partner The Goldenberg Group (the “TGG”), the City of Philadelphia, community organizations and business groups of the EZ. The collaborative nature of the project has forced the WPFSI and TGG (the “Partnership”) to be comprehensive in our approach to meeting community and tenant needs. |
| The idea of creating a retail center with community input is not new. As stated in Retail as a Catalyst for Economic Development, partnerships between the community and developers are needed to make urban retail successful. In our case however, the community is more than just an ancillary participant. WPFSI is a full partner in the ownership of the retail center and will own all the land (except for the Lowest parcel). The ownership in the land and center gives WPFSI significant input and equity in the continued management of the center. The Partnership has created relationships with the Parkside Association of Philadelphia, The Carroll Park Community Council and the Business Association of West Parkside to perform various tasks throughout the project. |
|
|
|
