LOCAL NON-PROFIT AND PHILADELPHIA’S NORTH BROAD DEVELOPERS PARTNER ON INCLUSIVE DEVELOPMENT INITIATIVE
PHILADELPHIA, PA (June 8, 2021) – The North Broad Renaissance in partnership with SHIFT Capital announce the creation of the North Broad Real Estate Commission (NBREC).
NBREC is a collection of real estate owners and developers driving a collaborative approach to development along North Broad Street. Together, the Commission supports the equitable development of real estate projects, strengthens the ties among these projects, and fosters the ecosystem of developers driving more community-oriented real estate and business development.
“Many of the projects along North Broad Street include commercial spaces, which creates opportunity and drives continued efforts supporting job equity,” states Shalimar Thomas, Executive Director of the North Broad Renaissance. “NBREC is a collective approach that supports the development projects, our local businesses, and the community that we all serve.”
According to the 2021 State of North Broad Report, there is approximately $2.25 billion in assessed property value along North Broad Street between City Hall and Germantown Avenue.
Commercial and mixed-use properties, which include office space, restaurants, and retail locations represent slightly more than half of the total assessed property value in the area, at $1.14 billion.
“Developers often work in separate silos believing we are fighting for scarce resources. We are changing this by taking a united approach,” says Brian Murray, CEO of Shift Capital. “It is our obligation to work together, to grow the necessary resources to maximize our economic, social, and environmental impacts while providing the tools for all developers to maximize a joint impact for the communities of North Broad Street.
NBREC was formed in 2021 to drive equitable development by aligning and unifying the ongoing projects along North Broad Street. The coalition provides opportunities for developers to showcase projects, seek support and input, and share resources. Members include the North Broad Renaissance as well as the following developers who operate within the North Broad Census Tracts:
- Beech Interplex
- EB Realty Management Corporation
- North District Station
- RAL Companies and Affiliates, LLC
- SHIFT Capital
- Tioga Park Development Groups
About North Broad Renaissance (NBR): The North Broad Renaissance (NBR) is a non-profit supporting revitalization efforts along North Broad Street, from City Hall to Germantown Avenue. With the support, feedback, and engagement of the community, the NBR is working to keep North Broad clean, green, and safe, making local hiring a priority, and improving the overall quality of life for all who visit, live, work and play on and around the corridor. Collectively, we are laying the foundation for inclusive business attraction and inclusive economic development. Learn more at northbroad.org or search #ThinkBroad.
About SHIFT Capital:
SHIFT is a neighborhood investment group that is on a mission to build just neighborhoods. SHIFT executes real estate projects and financing strategies that create equitable and mixed-income communities for the long term. We deliver community solutions and programming that maintain and diversify a neighborhood’s character while maximizing long-term affordability and minimizing displacement. SHIFT is a Certified B Corporation® who owns and manages over 1 million square feet of real estate, including commercial, residential, mixed-use, and vacant lots, and who has to-date invested over $100 million in the neighborhoods we serve.