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PIDC Funds Two Projects that Seed Two More

PHILADELPHIA-With Philadelphia Development Corp. funding, Holt's Cigar buys a

By Marita Thomas | Updated on June 05, 2003

PHILADELPHIA-Philadelphia Industrial Development Corp. has funded a pair of local expansion projects that, in turn, will lead to expansion by the companies they obtain property from. Calling this “the multiplier effect,” PIDC president Peter S. Longstreth said, “by helping two companies meet their expansion goals, we create new opportunities for two other firms in the same transactions.”

Locally based Holt’s Cigar Holdings will purchase the 55,000-sf building in Byberry East Industrial Center where it currently leases 21,360 sf, more than doubling its operating space. Holt’s, which was founded here 105 years ago, is a national wholesaler and retailer of cigars and tobacco accessories. It also operates three local retail outlets.

Byberry is a 215-acre industrial park with Keystone Opportunity Zone status that provides significant tax breaks. Locally based P. D’Andrea, Inc. sold the building to Holt’s and will use the proceeds to build an 18,000-sf office and warehouse in Byberry East.

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