Enterprise Center pitches $125M plan for 52nd Street, acquires nearby parcel in West Philadelphia
The Enterprise Center has paid $12.5 million for a stretch of land it will look to develop in West Philadelphia, part of a broader effort by the nonprofit aimed at revitalizing the area in and around the 52nd Street commercial spine. Clark said the Enterprise Center, a community development financial institution (CDFI) based in West Philadelphia, would like to deploy a similar strategy for the site that is being used nearby along 52nd Street, where the organization is looking to fund a $125 million plan to revitalize the commercial corridor.
“We want it to be all locally owned businesses, [broken] into primarily three areas — arts and culture, personal services, and then we want to have retail. But we want all of this to be complementary, and we want to create open space to revitalize it so that it's clean and safe.”
-Della Clark, President & CEO The Enterprise Center
The Enterprise Center already owns three of the five anchor properties for the project near the SEPTA station — 277 Community and Business Resource Center, 5241-43 Market St. and 24 S. 52nd St.. It still is looking to buy Marketplace 52 and The Parke Building. The organization said it would cost about $125 million for acquisition and redevelopment of the five anchor properties with potential capital sources including investor equity, bank and concessionary debt as well as city, state and philanthropic grants.