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$500M Development Offers Zone Benefits

CHESTER, PA-With breaks on taxes and utilities and rent, tenants will be realizing significant savings by locating in building in the Keystone Opportunity Zone.

By Erika Morphy | Updated on April 03, 2008

CHESTER, PA-Office tenants that opt to locate in the Buccini/Pollin Group’s recently announced $500-million mixed-use project on the waterfront here–one of the largest in the Commonwealth–will reap significant savings thanks to its location in a Keystone Opportunity Zone, Chris Buccini tells GlobeSt.com.

There have been other office complexes built in Keystone Opportunity Zones, which are an important tool in Pennsylvania’s economic development strategies. However the one Buccini/Pollin is about to build is by far the largest. Thus, the project will not only give more potential tenants the opportunity to avail themselves of the huge income and sales tax breaks, lower utility costs and cheaper rent, but it will also provide a huge boost to Chester.

“The land cost is less–perhaps by as much as 20%,” Buccini says as he explains how the benefits filter down to tenants. Once we begin operations, costs will be between 20% to 30% less because of savings on real estate taxes and utilities. We will then pass those savings onto tenants,” he says.

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