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Project Highlight - Case Study

 

ParkWest Town Center - Philadelphia, PA

METROVENTURES was selected by the West Philadelphia Empowerment Zone (WPEZ) to provide development consulting services to West Philadelphia Financial Services Institution (WPFSI) for the development of a 10-acre neighborhood supermarket-anchored shopping center.

METROVENTURES' responsibilities included a detailed retail analysis of the 52nd Street commercial corridor to determine the level of sales leakage that was occurring, and to establish the level of market support available for additional retail development. As a part of this assignment, METROVENTURES also assisted WPFSI with acquisition and site control issues, building community consensus, marketing and leasing, evaluation of developer submissions, and development and maintaining relationships with interested retailers. Specifically, METROVENTURES was responsible for securing Letters of Interest that accounted for approximately 50,000-square-feet of the shopping center's leasable space. METROVENTURES' responsibilities also included reviewing, summarizing and evaluating proposals submitted by potential developers and acting as the development representative of WPFSI in its negotiations with the chosen development partner in order to ensure an equitable transaction structure.

During the planning phase of the assignment, METROVENTURES worked closely with the Community Trust Board (CTB) and the Shopping Center Committee in obtaining consensus for the proposed development. This included attendance and presentations at several Town Hall and community meetings. METROVENTURES also developed a Minority Tenant Program on behalf of WPFSI to ensure that a high level of local small minority entrepreneurs' presence was achieved in the Center. A Minority Business Enterprise Contracting Plan was developed to ensure significant participation of MBE and WBE businesses in the construction phase of the proejct.

As an Empowerment Zone sponsored project, ParkWest Town Center will participate in job training and job linkage programs designed to facilitate the employment of local residents.