New Market West

New Markets Tax Credit Coalition

Philadelphia,
PA
(2018)

New Market West

Adult Education, Behavioral Health, College or Vocational Training, Community, Daycare and Early Childhood, FQHCs, Healthcare, Housing, Mixed-use, Retail, Youth and Families

New Market West is a four story, LEED certified 135,700 sq. ft. commercial building that creates a hub for retail and community services near the 60th and Market Street El stop in West Philadelphia on a 1.5-acre vacant site.

Investment

NMTC Amount: $29,750,000
Total Project Cost: $50,515,935

IMPACT

355 FTE jobs
61 construction jobs
Project includes a Federally Qualified Health Center.
135,700 sq. ft. of real estate

CDEs

Cinnaire New Markets, Commonwealth Cornerstone Group, PIDC Community Capital, PNC

Investor

PNC

Project Description

New Market West is a four story, LEED certified 135,700 sq. ft. commercial building (including a 42,800 sq. ft. subsurface parking garage) that creates a hub for retail and community services near the 60th and Market Street El stop in West Philadelphia on a 1.5-acre vacant site. New Market West brought high quality early childhood education, support for previously homeless single parent families, offices of a large behavioral health provider, and community-serving retail to a transit-accessible location together with affordable rental housing (in Phase 2 – not funded with this allocation) in neighborhood deeply in need of these services.

MAP

Address: 5901 Market Street, Philadelphia, PA 19131

Census Tract: 42101008302

Other Pennsylvania Projects

Silvercare

Chester,
PA
(2022)

Nursing Homes and Hospice

CDE(s): CCG Community Partners, National Community Investment Fund, PNC

Phased redevelopment of a 68,000 sq. ft. medical campus.

Erie Center for Arts and Technology

Erie,
PA
(2020)

Community, Daycare and Early Childhood, FQHCs, Healthcare, Mixed-use, Nonprofit Hub, Schools, Youth and Families

CDE(s): Commonwealth Cornerstone Group

A $10.3M renovation of the 107-year-old former school.

New Castle Mixed-use (2021)

New Castle,
PA
(2021)

Mixed-use, Mixed-use and Commercial

CDE(s): WesBanco

In the first of two revitalization projects (read about the other project), Wesbanco used NMTC financing to help a borrower purchase and renovate a vacant commercial building at 101 Mercer

Susquehanna Health Innovation Center

Williamsport,
PA
(2018)

Community, FQHCs, Healthcare

CDE(s): Commonwealth Cornerstone Group, Community Hospitality Healthcare Services, PNC

Thanks to NMTC financing, UPMC Susquehanna opened a new Neuroscience Center in Williamsport, expanding services and bringing advanced procedures to the region.