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Published, Version of Record (VoR)Open Access (License Unspecified), Open Access
Published, Version of Record (VoR)Open Access (License Unspecified), Open
Report
52nd Street Investment Playbook
18 Nov 2022
DOI:
https://doi.org/10.17918/00010546
Abstract
To outline the financial capital needed for a place-based, holistic development initiative in West Philadelphia, the Enterprise Center (TEC), the Philadelphia Equity Alliance (PEA) and the Nowak Metro Finance Lab at Drexel University have partnered to develop the 52nd Street Investment Playbook. The early estimated total cost of this Playbook is around $160 million, a holistic investment to regenerate the corridor and incite broader community benefit to minority enterprises, community safety, and community health. TEC seeks a $15 million catalytic investment to continue acquiring, stabilizing and transforming properties into community-serving and wealth-building assets that foster local ownership.
About the Playbook:
* The Enterprise Center (TEC) is a nonprofit organization that owns and operates a Community Development Financial Institution (CDFI), a Community Development Corporation (CDC), a Federal Minority Business Development Agency Center (MBDC), and Small Business Investment Company (SBIC). TEC is also the intermediary responsible for managing and executing the Pennsylvania Main Street Program on the 52nd Street Corridor and has engendered momentum within the past 15 months with initiatives including property acquisition.
* 52nd Street, a historically Black neighborhood business district and cultural center, is the second densest cluster of retail businesses in West Philadelphia, second only to University City, and an innovation district anchored by UPenn and Drexel.
* The Playbook details five (5) cross-cutting categories and intervention strategies towards a healthy and vibrant commercial corridor that builds and retains community wealth in West Philadelphia: Transformative Real Estate, Business Support, Infrastructure & Public Realm, Community Development, and Housing.
* The Playbook details program and project-level investments targeted to and matched with federal, state, local, philanthropic, and private funds. These strategies outline the financial capital needed to scale or complete designed or in-progress projects and programs.
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Details
- Title
- 52nd Street Investment Playbook
- Creators
- The Enterprise Center (Institution)Nowak Metro Finance Lab (Institution)
- Publisher
- Nowak Metro Finance Lab, Drexel University; Philadelphia, PA
- Number of pages
- 108
- Resource Type
- Report
- Language
- English
- Academic Unit
- Nowak Metro Finance Lab
- Other Identifier
- 991021902028804721