PIDC PURCHASES 19 ACRES IN NORTHEAST PHILADELPHIA

The Philadelphia Industrial Development Corporation (PIDC) has purchased 19.7 acres of land from Cardone Industries to make available for new industrial construction. PIDC and Cardone Industries share in their mutual efforts to promote industrial activity in the City of Philadelphia. The site creates new opportunities for employment and development.

The Philadelphia Authority for Industrial Development (PAID), a conduit for tax exempt debt and other economic development transactions on behalf of PIDC, placed the property under agreement in December 2009.

Following PAID's due diligence investigation, the parties settled the transaction on June 29, 2010. The site is located at 5000 Summerdale Avenue in Northeast Philadelphia and is zoned G-2 industrial with all public utilities available.

Located less than 1,000 feet from U.S. Route 1 (Roosevelt Boulevard) and Interstate 76 (Schuylkill Expressway) and under a 30-minute drive to Philadelphia International Airport, major marine terminals and rail facilities, the site is ideal for large-scale manufacturing or distribution. The site has been designated as a Strategic Development Area (SDA) by the Commonwealth of Pennsylvania, which offers tax incentives for qualifying businesses.

PIDC does not plan to re-zone or subdivide the site, as the inventory of large, well-located industrial sites in Philadelphia is limited.

For more information, please contact Mike Cooper, Assistant Vice President of Market Development, at (215) 496-8183 or mcooper@pidc-pa.org

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