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Brownfield Site To House Produce Market

PHILADELPHIA-A joint venture is receiving an $11-million low-interest loan from the state to remediate 46 acres here.

By Paul Bubny | Updated on April 17, 2008

( Paul Bubny is editor of Real Estate New York and part of a three-person team now covering the Philadelphia market .)

PHILADELPHIA-A locally based joint venture is receiving an $11-million loan through the state to remediate a 46-acre brownfield here. The site will be the future home of the Philadelphia Regional Produce Market, which has operated at the same location since 1959 and has reportedly sought a new facility since 2002.

Essington Avenue Partners, a JV of King of Prussia-based O’Neill Properties Group and Newtown Square-based Corvest Realty, is getting the low-interest loan to remediate a site that formerly held an automobile salvage operation, a scrap yard and a landfill. The two companies specialize in redeveloping disused properties. The loan was revealed by Pennvest, the Pennsylvania Infrastructure Investment Authority.

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