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Funding Project Infrastructure

Funding Project Infrastructure

Application Period Open for Commonwealth Financing Authority Multimodal Grants.

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In 2013, Pennsylvania passed Act 89, legislation that created new funding for investment in transportation projects statewide. One notable element of the bill was the creation of a Multimodal Fund for non-highway capital needs. By the fifth year of the fund, nearly $144 million in will be awarded annually to public and private entities for transportation-related projects statewide. Beginning on March 1st, applications are being accepted for the latest round of funding.

Broadly defined, the multimodal grants are available for planning and capital projects related to ports and waterways, freight and passenger rail, aviation, transit, and bicycle and pedestrian use. Eligible applicants are municipalities, councils of government, private businesses and nonprofits, economic development organizations, public transportation agencies, or railroad and port operators.

Many multimodal grants are used for capital improvements that are purely public in nature, such as the Delaware River Waterfront Corporation’s project to improve Spring Garden Street in the area of I-95. However, multimodal funding can be used to supplement construction of private developments under the banner of streetscape and pedestrian improvements. Examples of recent projects in Philadelphia include:

  • AIMCO and the City of Philadelphia are collaborating on the redevelopment of Park Towne Place, an 18-story residential and retail complex. A multimodal grant will fund street and sidewalk repairs, the installation of ADA sidewalks and drive entries, lighting and signage, and the upgrading of shuttle stops along the adjacent Benjamin Franklin Parkway.
  • Children’s’ Hospital of Philadelphia (CHOP) will use a grant to help fund the construction of a pedestrian bridge and stairway to link its main campus to the Schuylkill Banks/River Trail. The project will provide a safer crossing over an active rail line.
  • The Pennsylvania Real Estate Investment Trust (PREIT) received a grant to renovate the entrances and exits along 9th and 10th streets at the Gallery Mall. The funds will make the area safer and more accessible with improved lighting, streetscapes and signage.

Grants can range anywhere from $500,000 to $3 million. Matching funds are required and project expenditures must take place within certain timeframe to qualify for reimbursement.

There are actually two separately-administered multimodal programs, each with its own set of deadlines. One is jointly administered by the Commonwealth Financing Authority (CFA) and Department of Community and Economic Development (DCED). The application period for CFA/DCED multimodal grants runs from March 1, 2016 to July 3, 2016. Projects will be awarded at the November 2016 CFA board meeting.

The other multimodal fund is administered by the Pennsylvania Department of Transportation (PennDOT); the next application period is expected to open later in 2016. Qualifying applicants may apply to both the CFA/DCED and PennDOT programs for the same project.

Public incentives can be a useful tool for making a project economically viable, but should not be viewed as a primary source of funding. Applicants should also be aware that additional advocacy may be needed as part of a successful application.

If you are developing a project which may qualify for funding, the professionals at Wolf Commercial Real Estate can provide advice on a variety of successful strategies for pursing public and private sources of funding.

For more information:

http://www.newpa.com/programs/multimodal-transportation-fund/

http://www.penndot.gov/ProjectAndPrograms/MultimodalProgram/Pages/default.aspx#.VtSnm_krLIV

For more information about Philly or New Jersey office space, Philly or South Jersey retail space or other Philadelphia and Southern New Jersey commercial properties, please call 215-799-6900 or 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia and South Jersey commercial real estate broker that specializes in Philadelphia and Southern New Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly and New Jersey office space or Philly and South Jersey retail space with the Philadelphia and Southern New Jersey commercial properties that best meets their needs.  As experts in Philadelphia and New Jersey commercial real estate listings and services, the team at our Philadelphia and South Jersey commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly or New Jersey office space or Philly or South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia and Southern New Jersey commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

For More Information Contact:

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Anthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084
anthony.mannino@wolfcre.com

 

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Philadelphia Suburban Development Corporation Appoints WCRE Exclusive Leasing Agent For 100 Ross Road, King of Prussia

Wolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive leasing agent by Philadelphia Suburban Development Corporation (PSDC) for its office location at 100 Ross Road, King of Prussia, PA. PDSC owns more than 100 properties in the region, comprising two million square feet.

WCRE Exclusive Leasing Agent For 100 Ross Road (PDF)

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100 Ross Road is a 87,192 square foot, two-story, elevator served office building located in the King of Prussia/Wayne submarket, minutes from Route 202. The property is highly accessible from Philadelphia. PSDC renovated this property in 2001 and continues to demonstrate a commitment to its upkeep and general improvement. Among many desirable attributes, this property features highly efficient suite layouts, and ample parking in a multi-level lot. Several available suites range in size from 1,500 to 8,100 square feet.

PSDC, which is seeking to make aggressive deals, maintains its headquarters within 100 Ross Road, occupying approximately 7,800 square feet. Having ownership and management on-site will be a great feature for tenants looking for their new business home.
“We’re excited to be working with WCRE’s leasing team. I am impressed with WCRE’s marketing platform and confident they will help us maximize occupancy at this highly desirable property.” said John Peruto Jr. of PSDC.

WCRE’s leasing team of Anthony Mannino and Andrew Maristch added, “WCRE is proud to add PSDC to its growing list of clients in Pennsylvania. We look forward to applying our WCRE 360 marketing approach to bring in new tenants and establish another successful relationship in the Philadelphia region.”

A marketing brochure and tenant information package is available upon request.

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com, www.phillyretailspace.com, www.kingofprussiaoffices.com, www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, and www.southjerseyretailspace.com.

About PSDC

PSDC was founded in 1962 by Robert Nicoletti on the core values of honesty, integrity and service. Today, PSDC thrives as one of the largest family-owned commercial real estate developers in the Philadelphia region. Because of strong values and a unique approach to the industry, PSDC clients see the firm as more than just real estate professionals.

As one of the largest developers of commercial real estate in the Philadelphia region, with more than 100 properties and 2 million square feet in its portfolio, PSDC has over half a century of success serving government and social service agencies, as well as businesses. PSDC’s experienced in-house team provides construction, development, and property management, and works with leading architects to deliver custom designs when desired.

PSDC’s goal is to develop properties that help organizations reach their full potential. PSDC’s long tenure in the communities we serve gives us local insights and connections we happily share. Our conservative, debt-averse financial approach gives us stability that’s unsurpassed. Our commitment to honesty and integrity in our business relationships and the highest level of service sets us apart from most commercial real estate development firms in the Delaware Valley.

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New Tenant Star Label Recognizes Energy Efficient Landlords and Tenants

research-information-graphic-phlBipartisan legislation that establishes the new Tenant Star Label to recognize landlord and tenant teams that design, build out and operate energy-efficient leased commercial spaces has been signed into law by President Obama, according to a new CoStar news report.

The Energy Efficiency Improvement Act of 2015 is the first government-sponsored branding label to recognize voluntary energy-efficiency efforts in leased spaces such as Philly office space for lease or Philly retail space for lease.  The law, which calls for various federal actions to improve both energy and water efficiency in commercial and government buildings, complements the 20-year-old Energy Star Label, CoStar said.

The U.S. Environmental Protection Agency’s has sponsored the Energy Star for Buildings program since 1995 to provide an incentive to landlords and facilities managers to increase energy efficiency and reduce operating costs.  Efforts to create legislation to extend similar incentives to tenants have fallen victim to a divided Congress until now.

The new Tenant Star law is designed to align the sustainability efforts of tenants with their landlords in implementing cost-effective, energy-efficient measures in leased spaces.

Supporters of the legislation say the law will save businesses billions of dollars in future energy costs — an estimated $4.6 billion by the year 2030.  It also will bolster the economy by creating an untold number of jobs in the U.S. in the field of energy efficiency and sustainability.  Lastly, the legislation will improve the environment by reducing greenhouse gasses, according to the news report.

The bill mandates that the U.S. Department of Energy determine within one year practical methods to implement major energy efficiency upgrades in commercial buildings, as well as to identify incentives to entice owners and tenants to make the improvements.

Federal buildings are likely to feel the impact of the Tenant Star Label legislation first.  The new law requires the General Services Administration (GSA) to establish leasing provisions that will serve as a template for building owners and tenants to adopt energy and water measures in commercial buildings, according to CoStar. The GSA also is required to create best practices to introduce the provisions to the real estate services the GSA provides to federal agencies.

For more information about Philly office space for lease, Philly retail space for lease or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (215-588-8800-cell; jason.wolf@wolfcre.com), Leor Hemo (215-514-1750-cell; leor.hemo@wolfcre.com) or Lee Fein (215-206-5580-cell; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm with extensive expertise in Philly office space for lease and Philly retail space for lease.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking Philly office space and Philly retail space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space or Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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