May 2022 Philadelphia Mastermind Group Key Take Aways!
- Over the course of the pandemic, PIDC delivered $75 million to small businesses through partnerships and grants from the city, the Commonwealth and the federal government. Those funds will be fully dispersed in the next few months and they’re looking forward to delivering new resources to support business growth, especially for Black and Brown entrepreneurs. (Anne Nevins – PIDC)
- There has been an uptick in commercial business loans to help existing businesses in low income areas buy real estate they may currently be renting. This will encourage investment into the properties and ultimately into the community. (Anne Nevins – PIDC)
- The development of the Navy Yard has been one of the PIDC’s biggest ongoing projects and they will be rolling out an updated master plan on Thursday. They are using the 109 acres of development to help improve and grow both the Navy Yard and adjacent areas. (Anne Nevins – PIDC)
- PIDC has partnered with Mosaic Development Partners, which is a Black-owned business. They are paying close attention to ESGs (Environmental, Social and Corporate Governance) during the development process. Hope of the project is to support business growth first and foremost. (Anne Nevins – PIDC)
- The Navy Yard development has brought other projects to the surface in the Southwest area of Philadelphia, which has been under-developed. They expect un- and under-employed residents in that area to receive a direct benefit. They have also committed to affordable housing and the project also includes a charitable foundation. (Anne Nevins – PIDC)
- The warehouse and industrial market continues to be strong. (Bart Mellits – Ballard Spahr, Jeffrey Licht – NAI Mertz Corporation)
- Rent increases have continued on a steep upward trend due in part to a lack of alternatives. Owners are investing in amenities. (Christian Dalzell – Counter Management)
- ESGs are becoming an important aspect of all deals to consider and EisnerAmper has developed a new ESG practice to help clients prepare for this new trend. They also offer services in multi-family and affordable housing. (Ed Opall – EisnerAmper, Michael Mostochuk – EisnerAmper)
- Banks have extended loans and been lenient, but it’s been tightening up. (Ed Opall – EisnerAmper)
- Malls are getting redeveloped into mixed-use properties and incorporating residential, healthcare, etc. (Joseph England – EisnerAmper)
- Labor market is returning to pre-pandemic numbers, but there was a tight labor market before the pandemic already. Slower labor market has been impacting the economy. Interest rates have gone up. (Paul Flora – Federal Reserve Bank of Philadelphia)
- Projects involving schools and universities continue to be moving forward. (Jim Karmolinski – Kelly Maiello Architects)
- Labor issues continue to be an obstacle for companies and are causing some companies to have to turn down jobs they normally would have taken. (Jim Karmolinski – Kelly Maiello Architects, Andrew Brown – Talson Solutions)
- The federal government has been investing in infrastructure projects, creating a lot of opportunity. ( Peter Angelides – EConsult Solutions)
- Properties on the market now are seeing fewer offers, though offers at the top continue to be competitive. (Veronica Blum – MPN Realty)
- Retail has seen an uptick. (Joseph Viturello – PernaFrederick Commercial Real Estate, Matt Frederick – PernaFrederick Commercial Real Estate)
- Labor costs, material costs and the time it takes to get projects completed is an ongoing obstacle. (Joseph Viturello – PernaFrederick Commercial Real Estate)
- City assessments just came out. (Job Itzkowitz – Old City District)
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