13th Street

Revitalizing Commercial Corridors

Philadelphia is home to more than 265 commercial corridors that drive the local economy. PIDC works with developers in every neighborhood across the city to transition vacant and underutilized properties to attract investment, serve the needs of residents and expand activity along business corridors.

In Midtown Village, the revitalization of 13th Street and its surrounding area has injected a new surge of activity into one of Center City’s most colorful commercial corridors. For years, this rundown strip served as a no man’s land in the midst of a resurgent Center City, but now once again, residents, tourists, theatre goers and shoppers of all ages flock to 13th Street to soak up the chic retail and restaurant scene.

The 13th Street redevelopment project started in the late 1990s, when New York based developer Tony Goldman approached the City with the idea of designing a downtown retail business community built for long-term growth. Goldman’s vision involved crafting an innovative blueprint that would take advantage of the area’s central location to the arts, business, and hip, urban culture. PIDC and the City kickstarted Goldman’s development ten years ago by structuring a Tax Increment Financing loan, and over the following decade, teamed up with the developer and individual businesses to provide financing for many of 13th Street’s notable (and delicious) tenants, such as Capogiro and Philly Cupcake.

Tax Increment Financing (TIF)

An alternative financing tool that enables local taxing bodies to establish a district in a blighted area within which increases in taxes resulting from development of the district can be applied to project costs in the district or to project-related debt service.

Capital Project Loan

For businesses or non-profit organizations undertaking capital projects such as building acquisition, renovation, leasehold improvements or equipment that need additional subordinate financing to complete the project.